Question 59590: Could someone help me solve this problem?
Lane invested $14,000, part at 15% and part at 2%. If the total interest at the end of the year is $1,060, how much did she invest at 15%?
(A) $8,000 (B) $7,000 (C) $6,000 (D) $5,000
Thank you so much,
Lyn
Answer by funmath(2933)   (Show Source):
You can put this solution on YOUR website! Hi Lyn,
Lane invested $14,000, part at 15% and part at 2%. If the total interest at the end of the year is $1,060, how much did she invest at 15%?
(A) $8,000 (B) $7,000  $6,000 (D) $5,000
:
Let the amount at 15% be: x
Then the rest of the 14,000 is invested at 2%: 14,000-x
The formula for simple interest is  , I=interest, P=principle, r=rate, and t=time (in years)
:
The interest earned at 15% is: (15/100)x=.15
The interest earned at 2% is (2/100)(14,000-x)=.02(14,000-x)
The total interest whe you add them together is: 1,060
:
Problem to solve:
.15x+.02(14,000-x)=1,060
(100).15x+(100).02(14,000-x)=(100)1,060
15x+2(14,000-x)=106,000
15x+28,000-2x=106,000
13x+28,000=106,000
13x+28,000-28,000=106,000-28,000
13x=78,000
13x/13=78,000/13
x=6,000
The amount invested at 15% is: x=$6,000
:
Now for fun, find out how much was invested at 2%.
Happy Calculating!!!
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