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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

VerifiedAnswered 2 years ago

Answered 2 years ago

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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