A sum of $1500 was invested, part at 8% and part at 12%. If the interest received in one year is $142, how much was invested at each rate?

Question

Solve with an equation.

Provide a variable for each unknown.

Answer 1

0.08x+0.12y=142

x+y=1500

 

0.08x=(142-0.12y)   solve for x

 

0.08x/0.08=(142-0.12y)/0.08

 

x=(142-0.12y)/0.08

 

replace x in the second equation

 

(142-0.12y)/0.08 +y=1500

 

y=550

 

x=1500-550

 

x=950

 

therefore 950 at 0.08 and 550 at 0.12