SOLUTION: A MAN INVESTS $300,000. 2/3 oh the amount is invested in 6% bonds, and the balance in a mortgage paying 5%. His total income from these investments after 1 year was $17,000. How mu

Algebra ->  Customizable Word Problem Solvers  -> Misc -> SOLUTION: A MAN INVESTS $300,000. 2/3 oh the amount is invested in 6% bonds, and the balance in a mortgage paying 5%. His total income from these investments after 1 year was $17,000. How mu      Log On

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Question 905903: A MAN INVESTS $300,000. 2/3 oh the amount is invested in 6% bonds, and the balance in a mortgage paying 5%. His total income from these investments after 1 year was $17,000. How much money did he invest in bonds and mortgage?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
(2/3)P*.06 + (1/3)P*.05 = $17,000
.12P + .05P = $51,000
.17P = $51,000
P = $51,000/.17 = $300,000