Question

Mark deposited $9,000 into two savings accounts bearing simple interest. One of the accounts has an interest rate of 8% while the other rate is 7%. If the total interest earned after one year is $700, find the amount deposited into each of the accounts.

Amount of 8% ___
Amount of 7% ___

Answer 1

Can anyone HELP ME PLEASE??!!!!!!

Answer 2

Suppose you let the amount in one of the accounts - let's say the 8% account, by x. Then what is an expression involving x, for the amount deposited in the 7% account?

Answer 3

ok

Answer 4

Not "ok", lol... I asked a question: what is an expression involving x, for the amount in the other account?

Answer 5

x goes into a 8% account

How much goes into the 7 % account?

Answer 6

y

Answer 7

y = 7%

Answer 8

Well, we are trying to make it an expression involving x though

Answer 9

Nooo, no no. 7% is the interest rate. Not an amount.

Answer 10

If I deposit $9000 total, and x of that goes into 1 account, then how much goes into the other account?

Answer 11

we dont know... so Y??

Answer 12

You are right that we don't know. But we don't need a 2nd variable. We want an equation in terms of ONE variable, because then we can set up ONE equation.

Answer 13

I really have no idea

Answer 14

If I said to you: "I deposited $9000 in two accounts. I put $3000 in one." Then how much would you tell me I put in the other?

Answer 15

.07(y+700)

Answer 16

(9000-y)=700

Answer 17

(9000-Y)

Answer 18

(9000-X)
(9000-Y)

Answer 19

[{(9000-X)*8}/100 +{X*7}/100 ]=700 solve for X

Answer 20

one moment

Answer 21

@Algebra2013 do you see that, if the total amount is $9000, and you put X in one account then the AMOUNT that you put in the OTHER account has to be:

$9000 - X

It's important to be able to decipher the words, to understand the relationships between the quantities in the problem and set up the equation.

Answer 22

Does this look right?
\[\frac{ 72000-8x }{ 100 }+\frac{ 7x }{ 100 }\]

Answer 23

I would not use fractions here. IMO when working with interest rates, decimals are easier and more intuitive.

Answer 24

Look, he put x into the 7% account... so the interest earned from THAT ACCOUNT is:

0.07x

Answer 25

the interest rate * the amount deposited. Do you understand that?

Answer 26

so it would be
72000-.08X+.07X=700 ??

Answer 27

No. I have no idea where you are getting the 72000 from.

Please - take one step at at time. Do you understand my post above?

Answer 28

.08X + .07Y

Answer 29

u r getting it right
solve for X and the hence the answer

Answer 30

you will get X=2000

Answer 31

in one account =7000 and the other X=2000

Answer 32

which is 8%

Answer 33

The equations are NOT right. He does not understand how to DO this problem. I'm trying to teach him something, which is the idea of this site, not to just hand out answers.

Answer 34

which equation?
How would you do it?

Answer 35

which account has $7000 and which has $2000?
8%___
7%___

Answer 36

(7000*8)/100 +(2000*7)/100 =?

Answer 37

got it
560 + 140 = 700
THank YOU

Answer 38

you are welcome :)