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simple interest

i need to make sure i set this up correct

nico is saving money for his college education, he invest some money at 6% and 1300 less than that amount at 5% the investment produced a total of 144 interest in 1 year how much did he invest at each rate

Jim S. | Physics (and math) are fun, reallyPhysics (and math) are fun, really
4.7 4.7 (160 lesson ratings) (160)
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Hi Brent

Let I be the amount of money invested, then we can calculate the interest using the information given

Ix(.06) +(I-1300)x.05 = 144 so we have .06I + .05I -65 =144, solving for I gives I = 1900.

Interest from the first investment =.06x \$1900=\$114
Interest from the 2nd investment = .05(\$1900-\$1300)= \$30 and together they add to \$114 + \$30 =\$144.

Regards
Jim S

Parviz F. | Mathematics professor at Community CollegesMathematics professor at Community Colle...
4.8 4.8 (4 lesson ratings) (4)
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X - amount invest in 6%

X - 1300 - amount invests in 5 %

X ( 0.06 ) + ( X - 1300) 0.05 = 144

X ( 0.06 + 0.05) = 1300 * .05 + 144

X ( 0.11) = 209

X = 209/ 0.11 = \$1900  / invested in 6%

\$ 1900 - 1300 = \$ 600 / invested in 5%