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Math Help - Algebra Applications/Word problems

  1. #1
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    Algebra Applications/Word problems

    I' am currently studying for the GRE and would really appreciate it if someone could help me with a word problem. If you could show work that would be awesome.

    Problem:

    Pat invested a total of $3,000. Part of the money yields 10 percent interest per year, and the rest yields 8 percent interest per year. If the total yearly interest from this investment is $256, how much did pat invest at 10 percent and how much at 8 percent?
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  2. #2
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    Quote Originally Posted by jgjimcat View Post
    I' am currently studying for the GRE and would really appreciate it if someone could help me with a word problem. If you could show work that would be awesome.

    Problem:

    Pat invested a total of $3,000. Part of the money yields 10 percent interest per year, and the rest yields 8 percent interest per year. If the total yearly interest from this investment is $256, how much did pat invest at 10 percent and how much at 8 percent?
    simple interest ...

    I = Prt

    t = 1 year

    let x = amount invested at 10%

    3000-x = amount invested at 8%

    x(.10) + (3000-x)(.08) = 256

    solve for x
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  3. #3
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    Quote Originally Posted by skeeter View Post
    simple interest ...

    I = Prt

    t = 1 year

    let x = amount invested at 10%

    3000-x = amount invested at 8%

    x(.10) + (3000-x)(.08) = 256

    solve for x
    Thank You Skeeter, I solved the problem, but could you explain to me what each variable stands for. The equation I=Prt
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  4. #4
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    Quote Originally Posted by jgjimcat View Post
    Thank You Skeeter, I solved the problem, but could you explain to me what each variable stands for. The equation I=Prt
    I = interest earned

    P = principle (initial) investment

    r = annual interest rate expressed as a decimal

    t = time in years
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