Need help with algebra word problems….?
1) John receives a total of $1282 a year from two investments. He has invested 4000 in one account and $8200 in another acount that pays 1.5% more than the first account. What is the interest rate for each account?
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?
3) Rebecca invests money in two accounts. One bank pays 8.5% on her investment of $1200 while ther other pays 9% on her investment of $2000. How long is the term of investment if the total interest is $70.50?
Thanks for the help.
Favorite Answer
1282 = 12200x + 123
1159=12200x
.095=x so the first account pays 9.5%, the other pays 11%
30,000*x + 48,000*(x+.02) = 7,200 (annual interest of 600×12)
78,000*x + 960 = 7200
78,000*x = 6,240
x = 12.5 so the first loan = 12.5%, the second is 14.5%
((1,200*.085)+(2,000*.09) )*x = 70.50
(102 + 180)*x = 70.50
282*x = 70.50
x=70.50/282 = .25 or 1/4 year = 3 months
The rest are all like that, just use a variable for one investment and then add/subtract from that variable for the other.
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