Okay
Sam has $12,000. He invests this money into a savings account and a bond account. The savings account has an interest rate of 4%, while the bond has a rate of 6%. The total interest he collected at the end of the year was $640. how much did he invest into each account? I've done these multiple times in class but I can't get the formula drilled into my brain.
i know that
x+y = 12000
and .04x + .06y = 640
x = savings
y = bond
so y = 12000 - x
.04x + .06(12000 - x) = 640
if i distribute i get..
.04x + 720 - .06x = 640
.04x -.06x = -.02x
-.02x + 720 = 640
this is where I got lost
this is where I got lost.