Question

larry mitchell invested part of his $24,000 advance at 4% annual simple interest and the rest at 3% annual simple interest. If his total yearly interest from both accounts was $760, find the amount invested at each rate

Answer 1

Ok for this you are going to have to set up a system of equations

Answer 2

So we know that x+y=24,000
We also know that .03x+.04y=760

Answer 3

Solve from there by setting the first equation equal to a variable so if it was for y it is y=24,000x now plug in y to the second equation and you will figure out x

Answer 4

Does that make sense?