Algebra: Simple Interest

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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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r =
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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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