Solve the problem.
-Paul Nagel invested some money at 4.5% simple interest and $ 1000 more than that amount at 3% simple interest. After 1 year, his total interest from the two accounts was $ 1380. How much did he invest at each rate?
A) $ 18,000 at 4.5%; $ 19,000 at 3%
B) $ 18,000 at 4.5%; $ 20,000 at 3%
C) $ 19,000 at 4.5%; $ 18,000 at 3%
D) $ 19,000 at 4.5%; $ 19,000 at 3%

Question

Quizplus · Accepted Answer

Let the amount invested at 4.5% be x dollars. Therefore, the amount invested at 3% is x + $1000. The total interest from both investments is $1380. The equation for the total interest is 0.045x + 0.03(x + 1000) = 1380. Solving this equation gives x = $18,000 for the 4.5% investment and x + $1000 = $19,000 for the 3% investment.

Solve the Problem. -Paul Nagel Invested Some Money at 4.5% Simple Interest and Simple