A few days ago
Anonymous

Need help with Algebra word problems……?

1) Mary Auburn makes three investments. The investment that pays 12% is twice the amount of the account that pays 9%. The amount invested at 10% is $500 more than the amount invested at 9%. If the annual interest income is $1555, how much money is invested at each rate?

2) Grace needs to get a loan for a house that she is going to purchase. She discovers that she must get two loans instead of one large loan. She borrows $30,000 from one institution and $48,000 from another institution whose lending rate is 2% more than the other. If her total monthly interest charge on the loans is $600, what interest rate does she pay on each loan?

Thank you so much.

Top 3 Answers
A few days ago
Varshita

Favorite Answer

Sol1:

Let the amount invested at 9% be $y

therefore amount invested at 12% becomes 2y and at 10% becomes y +500

Total Interest in year = 1555

9% of y + 12 % of (2y) + 10% of (y +500) = 1555

0.09y + 0.24 y + 0.1(y+500) = 1555

0.33y + 0.1y + 50 = 1555

0.43 y = 1555 – 50

y = 1505/0.43 = 3500

Money intested at 9% = y = $3500

money invested at 12% = 2y = 2 x 3500 = $7000

money invested at 10% = y + 500 = 3500 + 500 = $4000

Sol2:

Let the rate of interest on $30,000 be x %

therefore the interest on 48000 becomes x + 2 %

Total interest for a month = 600

[x% of 30000 x 1/12] + [(x+2)% of 48000 x 1/12] = 600

300x / 12 + (x+2) x 40 = 600

25x + 40x + 80 = 600

65x = 520

x = 8

She pays 8% p.a on $30000 and 10% p.a. on $48000

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A few days ago
sdatary
#1 I’ve already helped you with the last time you asked it.

#2… ($30K * x) + ($48K * 1.02x) = $6K

Solve for x to get the interest rate on the cheaper loan, multiply that answer by 1.02 to get the interest rate on the more expensive loan.

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4 years ago
reardigan
If the scholars present day grade is a ninety% then we’re of course assuming it’s out of a hundred% ninety/a hundred Now because of the fact the scholars grade more desirable 20% from the final grading era then you upload that to the previous a hundred% providing you with ninety/ one hundred twenty = .seventy 5 and because grades are in possibilities you multiply .seventy 5 by a hundred providing you with seventy 5% because of the fact the scholars previous grade
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