SOLUTION: A total of $12,000 was invested. Part of the money was invested at 4% and the rest was invested at 5%. If the interest for one year is $560, how much was invested at each rate?

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Question 863264:
A total of $12,000 was invested. Part of the money was invested at 4% and the rest was invested at 5%. If the interest for one year is $560, how much was invested at each rate?
Answer by checkley79(3341) About Me  (Show Source):
You can put this solution on YOUR website!
.05X+.04(12,000-X)=560
.05X+480-.04X=560
.01X=560-480
.01X=80
X=80/.01
X=$8,000 AMOUNT INVESTED @ 5%.
12,000-8,000=$4,000 AMOUNT INVESTED @ 4%.
PROOF:
.05*8,000+.04*4,000=560
400+160=560
560=560