SOLUTION: A retiring seaman has $8,600 to invest. He invested part of it in bonds getting 5% interest, and the remainder in mortgage, getting 6% interest. Find the investment at each rate if
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Question 639476: A retiring seaman has $8,600 to invest. He invested part of it in bonds getting 5% interest, and the remainder in mortgage, getting 6% interest. Find the investment at each rate if the total interest in a year is $500. Answer by graphmatics(170) (Show Source):
You can put this solution on YOUR website! Let x be the amount investedin bonds then ,05x is the bonds interest. .06(8600-x) is the mortgage interest. So:
.05x+.06(8600-x)=500
.05x+516-.06x=500
-.01x=-16
x=1600 bonds
8600-1600=7000 mortgage
