Simple Interest

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Simple Interest

Larry Mitchell invested part of his $40,000 advance at 2% annual simple interest and the rest at 4% annual simple interest. If his total yearly interest from bothaccounts was $1,480, find the amount invested at each rate.

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Answer 1

Answer #1

Let x be the amount invested at 2%. Then 40,000 – x is the amount invested at 4%.
Interest = principle*rate*time
1,480 = X*0.02*1 + (40,000-X)*0.04*1
1,480 = 0.02X + 1,600 – 0.04X
1,480 – 1,600 = 0.02X – 0.04X
-120 = -0.02X
X = 6000
So 6,000 was invested at 2% and 34,000 was invested at 4%

answered by: Lonly

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Answer 2

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