A man invested a part of 27,000 pesos in a bank paying 7% interest annually other part in loan association paying 10% interest annually. if his total income in 1 year from the two investments was 2340 pesos, how much did he invest at each rate? Please answer with a solution and a check

1

Answers

2014-12-03T22:57:58+08:00
I   =      P           R       T
I1 =       x           7%     1
I2 =    27000-x    10%    1
IT = I1 + I2

Given: IT= 2340

IT=I1 + I2
2340 = 0.07x +.10x(27000-x)
2340 = 0.07x+ 2700- .10x
2340-2700 = 0.07x- .10x
 -360 = -0.03x
x= Php12000 ⇒ I1
27000-x= 27000-12000= Php15000⇒ I2

Therefore, he invested Php 12000 at 7% and Php 15000 at 10%.

0