Jan invested $1200 at a certain simple interest rate and $2200 at 3%higher. Her annual earnings were $253. Find the two interests rate if she earned $121 more on the larger investment than on the smaller.

Answer 1

smaller rate --- x
larger rate ----- x + .03

1200x + 2200(x+.03) = 253
1200x + 2200x + 66 = 253
3400x = 187
x = .055
lower rate is 5.5% higher rate is 8.5%

check:
return on 1200 = .055(1200) = 66
return on 2200 = .085(2200) = 187
which is $121 more

You actually had more information than was needed to solve the problem

Answer 2

Yeah I realized that!!! Thank you very much!!!