Problema Solution
Karen invested money at 9% annual simple interest and $250 more than that amount at 10% annual interest. If her total yearly interest was $101, how much was invested at each rate?
Answer provided by our tutors
let
x = the money invested at 9% annual simple interest
x + 250 = the money invested at 10% annual simple interest
her total yearly interest was $101
0.09x + 0.10(x + 250) = 101
by solving we find
x = $400
x + 250 = 400 + 250 = $600
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Karen invested $400 at 9% annual simple interest and $600 at 10% annual simple interest.