John has invested 60,000 in a business. He invested part at 2% simple interest and the rest at 3%. He earned 1,600 in interest. How much was invested at each rate?

x+y=60,000.

0.002x+0.03y=1600.

0.02x+0.03(60000-x)=1600.

0.02x+1800-0.03x=1600.

0.01x=200.

x=200/0.01=20,000.

y=60000-20000=40,000.

Amount invested at 2% interest =$20,000.

Amount invetsed at 3% interest =$40,000.