Question
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?
Answers
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
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
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