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Question

# You invest an amount of money at an annual simple interest rate of $6.25 \%$. You invest a second amount, $\ 500$ less than the first, at an annual simple interest rate of $6 \%$. Let $x$ represent the amount invested at $6.25 \%$. Complete the following table. Principal, $P$ $\cdot$ Interest rate, $r$ $=$ Interest earned, $I$ Amount at $6.25\%$ $x$ $\cdot$ $\underline{\quad?\quad}$ $=$ $\underline{\quad?\quad}$ Amount at $6\%$ $\underline{\quad?\quad}$ $\cdot$ $\underline{\quad?\quad}$ $=$ $\underline{\quad?\quad}$

Solution

Verified

Filling in the table provided, we will have

$P$ $\cdot$ $r$ $=$ $I$
Amt at $6.25\%$ $x$ $\cdot$ $0.0625$ $=$ $0.0625x$
Amt at $6\%$ $x-500$ $\cdot$ $0.06$ $=$ $0.06(x-500)$

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