Results 1 to 2 of 2

Math Help - simple interest

  1. #1
    Newbie
    Joined
    Apr 2008
    Posts
    5

    Question simple interest

    You invest $20,000 in two accounts paying 7% and 8% annual interest, respectively. How much should be invested at each rate, if the total interest earned for the year is to be $1520? PLEASE HELP
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Newbie
    Joined
    Apr 2008
    Posts
    1

    Post

    j_dryden

    This should be pretty simple algebra once you know how to set it up. I'll show you that and if you still need help, let me know.

    Two equations, two unknowns.

    Some amount, call it x, will earn 7 percent. Another amount, call it y, will earn 8 percent. and together those amounts of interest earn need to add up to $1520. So:

    0.07*X + 0.08*y=1520

    Also we know that together x and y have to add up to $20,000. So:

    X + Y = 20000.


    Two equations two unknowns. Go to it! (might i suggest the "substitution method where you plug y=20000-x into the first equation.

    Good Luck.

    -Matt
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Simple Interest
    Posted in the Business Math Forum
    Replies: 5
    Last Post: September 1st 2011, 05:33 AM
  2. Easy Question - Simple Interest, Simple Discount
    Posted in the Business Math Forum
    Replies: 0
    Last Post: September 21st 2010, 09:22 PM
  3. simple interest
    Posted in the Algebra Forum
    Replies: 1
    Last Post: February 26th 2009, 10:01 AM
  4. Simple Interest
    Posted in the Algebra Forum
    Replies: 1
    Last Post: October 19th 2008, 09:52 PM
  5. Simple Interest
    Posted in the Algebra Forum
    Replies: 2
    Last Post: October 9th 2008, 06:28 AM

Search Tags


/mathhelpforum @mathhelpforum