The amount of $1,059 is invested in two funds paying 12% and 3% simple interest. If the annual interest is $64.08, how much of the $1,059 is invested at each interest rate?

Answer 1

.12x +.03(1059-x)=64.08

.12x - .03x = 64.8 - 31.68

.09x = 33.12

x = 33.12/.09=$768 invested at 12%

1059-x = $291 invested at 3%