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Math Help - Word Problem To Be Solve

  1. #1
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    Word Problem To Be Solve

    Mr. Simone deposits $8000 in one simple interest account and $2000 in a second simple interest account. The interest rate on the $8000 account is 2% more than the rate on the $2000 account. If the total yearly amount of interest on the two accounts is $578, find the interest rate on each account.

    Explain your answer please.

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    Last edited by louisejane; August 7th 2012 at 07:07 PM.
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  2. #2
    Junior Member Mrdavid445's Avatar
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    Re: Word Problem To Be Solve

    Hint: Make an equation
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  3. #3
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    Re: Word Problem To Be Solve

    8000(r + .02) + 2000(r) = 578

    Solve for r.

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  4. #4
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    Re: Word Problem To Be Solve

    Okay get it. Thanks!
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