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Question 951827: Travis has a savings account that his parents opened for him. It pays 6% annual interest. His uncle also opened an account for him, but it pays 8% annual interest. If there is $900 more in the account that pays 6%, and the total interest from both accounts is $124, how much money is in each of the accounts?
Answer by addingup(3677)   (Show Source):
You can put this solution on YOUR website! Let’s call the amount on the account that pays 8% “a” and the account making 6% “b” (I do this instead of using x and y because I like being able to use x as a multiplication sign):
There are two amounts in question:
a: pays .08 per each dollar, or 8 percent (means 8 for every hundred). We want to calculate per each dollar, so we’ll use .08
b: equals a + 900, so the amount that pays 6% is .06(a) + .06(900)
.08a + .06a + (.06 * 900)= 124 Multiply and add on left:
.14a + 54 = 124 Subtract 54, both sides:
.14a = 70 Divide both sides by .14
a = 500
b = 500 + 900 = 1,400
So there’s your answer. One savings account has 1,400 and pays 6% and the other has 500 and pays 8%
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