Concept explainers
Exercises 29-36 involve dual investments.
You invest $20,000 in two accounts paying 7% and 8% annual interest. How much should be invested at each rate if the total interest earned for the year is to be $1520? Begin by filling in the missing entry in the following table. Then use the fact that the interest for the two investments combined must be $1520.
You invested $20,000 in two accounts paying 7% and 9% annual interest. If the total interest earned for the year was $1550, how much was invested at each rate? Begin by filling in the missing entry in the following table. Then use the fact that the interest for the two investments combined was $1550.
A bank loaned out $120,000, part of it at the rate of 8% annual mortgage interest and the rest at the rate of 18% annual credit card interest. The interest received on both loans totaled $10,000. How much was loaned at each rate? Organize your work in the following table
A bank loaned out $250,000, part of it at the rate of 8% annual mortgage interest and the rest at the rate of 18% annual credit card interest. The interest received on both loans totaled $23,000. How much was loaned at each rate? Organize your work in the following table
36. Things did not go quite as planned. You invested part of $8000 in an account that paid 12% annual interest. However, the rest of the money suffered a 5% loss. If the total annual income from both investments was $620, how much was invested at each rate?
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Introductory Algebra for College Students (7th Edition)
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