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March 30, 2017

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Problem:

Geoff has $5000 to invest. He wants to earn $568 in interest in one year. He will invest part of the money at 12% and the other part at 10%. How will he invest.

+I already know how to do Simplest Interest, I just can't read the problem to find what
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  • Algebra: Simple Interest - ,

    (5000 - x).12 + x(.10) = 568
    (5000).12 - (x).12 + x(.10) = 568
    600 - .12x + .1x = 568
    subtract 600 from both sides
    -.12x + .1x = -32
    -.02x = -32
    divide both sides by -.02
    x = 1600
    3400 at 12% and 1600 at 10%

  • Algebra: Simple Interest - ,

    a loan of 25,000 its due in 9 months with an annual interest rate of 10%. Find the total amount that will be due.

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