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?

Question

asked May 15, 2018 114k views

1 Answer

Patrice Gagnon · Answer 1 · 2018-05-22T01:11:05+0000

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%