Simple Interest

Last year, Ivan had $20,000 to invest. He invested some of it in an acount that paid 9% simple interest per year, and he invested the rest in an account that paid 7% simple interest per year. After one year, he received a total of $1780 in interest. How much did he invest into each account?

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  1. amount invested at 9% --- x
    amount invested at 7% --- 20000-x

    .09x + .07(20000-x) = 1780

    solve for x

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  2. Milan bought a desktop computer and a laptop computer. Before finance charges, the laptop cost $350 less than the desktop. He paid for the computers using two different finance plans. For the desktop the interest rate was 7% per year, and for the laptop it was 9.5% per year. The total finance charges for one year were $305. How much did each comupter cost before finance charges?

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  3. 1200

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  4. 269.3

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