12000 was invested in 2 accounts, one earning 12% simple interest and the other earning 8% simple interest. if the total interest at the end of 1yr was $1240, how much was invested in each account?

Answer 1

x = amount at 12%
y = amount at 8%

x + y = 12000
.12x +.08y = 1240

multiply by 100 to clear decimals

12x + 8y = 124000
-8x -8y = -96000

4x = 28000
x = 7000
y = 5000