Question

Michelle invested $10,000 for one year, part at 8% interest and the rest at 12% annual interest. Her total interest for the year was $944. How much money did she invest at 12% interest?

Step by step please.

Answer 1

Michelle invested $ 6,400 at 8% and $ 3,600 at 12%.

Explanation:

Given that Michelle invested $ 10,000 for one year, part at 8% interest and the rest at 12% annual interest, and her total interest for the year was $ 944, to determine how much money did she invest at 12% interest, the following calculation must be done:

10,000 x 0.08 + 0 x 0.12 = 800

8,000 x 0.08 + 2,000 x 0.12 = 880

4,500 x 0.08 + 5,500 x 0.12 = 1,020

6,000 x 0.08 + 4,000 x 0.12 = 960

6,500 x 0.08 + 3,500 x 0.12 = 940

6,400 x 0.08 + 3,600 x 0.12 = 944

Therefore, Michelle invested $ 6,400 at 8% and $ 3,600 at 12%.