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A man invested a portion of $3,600 at 8% annual interest and the balance at 7%. If he receives $264 interest during the first year how much did he invest at each rate?
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A man invested a portion of $3,600 at 8% annual interest and the balance at 7%. If he receives $264 interest during the first year how much did he invest at each rate?

User Taveras
by
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1 Answer

3 votes
0.08x+0.07 (3600-x)=264
Solve for x
0.08x+252-0.07x=264
0.08x-0.07x=264-252
0.01x=12
X=12÷0.01
X=1200 invested at 8%

3600-1200=2400 invested at 7%
User Patrice Gagnon
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