Larry Mitchell invested part of his $27,000 advance at 5% annual simple interest and the rest at 2% annual simple interest. If his total yearly interest from both accounts was $720â€‹, find the amount invested at each rate

Question

Larry Mitchell invested part of his $27,000 advance at 5% annual simple interest and the rest at 2% annual simple interest.  If his total yearly interest from both accounts was $720â€‹, find the amount invested at each rate

Steve · Answer

.05x + .02(27000-x) = 720

Anonymous · Answer

Larry Mitchell invested part of his $31,000 advance at 3% annual simple interest and the rest at 2% annual simple interest. If his total yearly interest from bothaccounts was $730, find the amount invested at each rate.