Solve the problem.
-Walt made an extra $8000 last year from a part-time job. He invested part of the money at 3% and the rest at 3.25%. He made a total of $247.50 in interest. How much was invested at 3.25%?
A) $4000
B) $3000
C) $6000
D) $5000

Question

Quizplus · Accepted Answer

Let the amount invested at 3.25% be x. Therefore, the amount invested at 3% is $8000 - x. The total interest from both investments is $247.50. The equation for the total interest is 0.0325x + 0.03(8000 - x) = 247.50. Solving this equation for x gives the amount invested at 3.25%, which is $3000.

Solve the Problem. -Walt Made an Extra $8000 Last Year from a Part-Time