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Math Help - interest problem.

  1. #1
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    interest problem.

    somone put 1500 dollars in two accounts and earned about 5% and the other 2% profit.

    They earned a total of 60 dollars.

    How much was put into each account from the start?
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  2. #2
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    Re: interest problem.

    .05x + .02(1500 - x) = 60

    solve for x, the amount in the 5% account, then determine the amount in the 2% account
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  3. #3
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    Re: interest problem.

    Another way of looking at it:
    let "x" be the amount of money put into the 5% account and let "y" be the amount of money put into the 2% account.
    The amount earned by the first account is .05x and the amount earned by the second account is .02y.

    Quote Originally Posted by rcmango View Post
    somone put 1500 dollars in two accounts
    So x+ y= 1500.

    and earned about 5% and the other 2% profit.

    They earned a total of 60 dollars.
    So .05x+ .02y= 60.

    How much was put into each account from the start?
    You want to solve the equations x+ y= 1500, .05x+ .02y= 60. One way of doing that is to solve the first equation for y: y= 1500- x. Then substitute that expression for y in the second equation: x+ (1500- x)= 60. That's exactly the equation skeeter gives.
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  4. #4
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    Re: interest problem.

    Thanks Ivy, I definitely can see it this way.
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