chelseacharn2
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larry mitchell invested part of his $27,000 advance at 2% annual simple interest and the rest at 6% annual simple interest. If his total yearly interest from both accounts was $860, find the amount invested at each rate

Respuesta :

mhanifa

Answer:

  • $19000 at 2%, $8000 at 6%

Step-by-step explanation:

Let x is the amount at 2%, then 27000 - x is the amount at 6%.

The total interest is:

  • 0.02x + 0.06(27000 - x) = 860
  • 0.02x - 0.06x + 1620 = 860
  • 0.04x = 1620 - 860
  • 0.04x = 760
  • x = 760/0.04
  • x = 19000

The amount at 6% is:

  • $27000 - $19000 = $8000

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