Homework Help: algebra

Posted by Emmett on Saturday, July 28, 2012 at 9:11pm.

A total of $6200 is deposited into two simple interest accounts. On one account the annual simple interest rate is 2%, and on the second account the annual simple interest rate is 4%. The amount of interest earned for 1 year was $148. How much was invested in each account?

algebra - drwls, Sunday, July 29, 2012 at 2:28am
Let x be the amount invested at 2% interest and y be the amount invested at 4% interest

x + y = 6200

0.02x + 0.04y = 148

Solve that pair of equations.

0.02x + 0.04(6200 -x) = 148

-0.02x + 248 = 148
0.02x = 100
x = 5000.
y = 1200
algebra - lulu, Monday, August 20, 2012 at 11:10pm
The simple interest paid on a loan after 6 months was $306. The annual interest rate was 8%. Find the principal.
algebra - jaden, Monday, December 3, 2012 at 4:10pm
can't figure it out yet let me know how it goes

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