Question

A total of $12,000 is invested at two different rates: $5,000 of it is invested at 6%, and the rest is invested at 8%. How much total interest is earned at the end of one year

Answer 1

I = Prt
I: interest
P: principle
r: rate
t: time

Assuming this is a simple interest problem split into two:

P = 5,000 and 7,000
r = .06 and .08
t = 1

P1 = 5,000(.06)(1)
P2 = 7,000(.08)(1)

Ptotal = P1 + P2 = 860

Answer 2

thanks