SOLUTION: Mrs. Garrison has $15,000 to invest. She invested part of it at a bank for 6% annual interest and another at 7% annual intres. If she earned $980 in interest, how much did she inve

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Question 956124: Mrs. Garrison has $15,000 to invest. She invested part of it at a bank for 6% annual interest and another at 7% annual intres. If she earned $980 in interest, how much did she invest each rate? Show your work.
Answer by macston(5194) About Me  (Show Source):
You can put this solution on YOUR website!
x=amount at 6%; y=amount at 7%
x+y=$15000
x=$15000-y
0.06x+0.07y=$980 Substitute for x.
0.06($15000-y)+0.07y=$980
$900-0.06y+0.07y=$980 Subtract $900 from each side.
0.01y=$80 Divide each side by 0.01
y=$8000 ANSWER 1: $8000 was invested at 7%.
x=$15000-y=$15000-$8000=$7000 ANSWER 2: $7000 was invested at 6%.
CHECK:
0.06x+0.07y=$980
0.06($7000)+0.07($8000)=$980
$420+$560=$980
$980=$980