Question

A total of $6200 is deposited into two simple interest accounts. On one account the annual simple interest rate is 2%, and on the second account the annual simple interest rate is 4%. The amount of interest earned for 1 year was $148. How much was invested in each account?

Answer 1

Let x be the amount invested at 2% interest and y be the amount invested at 4% interest

x + y = 6200

0.02x + 0.04y = 148

Solve that pair of equations.

0.02x + 0.04(6200 -x) = 148

-0.02x + 248 = 148
0.02x = 100
x = 5000.
y = 1200

Answer 2

The simple interest paid on a loan after 6 months was $306. The annual interest rate was 8%. Find the principal.

Answer 3

can't figure it out yet let me know how it goes