Question

Mr. McGinnis invested some money at 3% simple interest and some at 5% simple interest. The total amount of his investments was $28,000 and the interest he earned during the first year was $1,240. How many dollars did he invest at 3%?

Answer 1

Rule of thumb, either thumb.

What does it want? NAME THAT!

T = Amount invested at 3%

Look around for anything else you don't know that you might need.

F = Amount invested at 5%

Translate on terms of T and F

"The total amount of his investments was $28,000"

Go!

"The interest he earned during the first year was $1,240"

Go!