Interest problem

Question

Dave has $3000 more in a passbook account than in a money market account. The passbook account pays 8%, and the money market account pays 10%. How much is invested in each account if the annual interest that he gets on the 8% account is $80 more than the interest on the 10% investment?

Answer 1

P = 3000 + M

P pays 8%, M pays 10%

.08P = 80 + .10M

8P = 8000 + 10M

P=1000 + 1.25 M = 3000 + M

1.25M - M = 3000 - 1000

.25M = 2000

M =8000

P = 3000+M = 3000+8000= 11000

8000 is invested in the money market and 11000 in the pass book account