# interest problem.

• Dec 9th 2012, 06:48 AM
rcmango
interest problem.
somone put 1500 dollars in two accounts and earned about 5% and the other 2% profit.

They earned a total of 60 dollars.

How much was put into each account from the start?
• Dec 9th 2012, 07:06 AM
skeeter
Re: interest problem.
$.05x + .02(1500 - x) = 60$

solve for x, the amount in the 5% account, then determine the amount in the 2% account
• Dec 9th 2012, 07:29 AM
HallsofIvy
Re: interest problem.
Another way of looking at it:
let "x" be the amount of money put into the 5% account and let "y" be the amount of money put into the 2% account.
The amount earned by the first account is .05x and the amount earned by the second account is .02y.

Quote:

Originally Posted by rcmango
somone put 1500 dollars in two accounts

So x+ y= 1500.

Quote:

and earned about 5% and the other 2% profit.

They earned a total of 60 dollars.
So .05x+ .02y= 60.

Quote:

How much was put into each account from the start?
You want to solve the equations x+ y= 1500, .05x+ .02y= 60. One way of doing that is to solve the first equation for y: y= 1500- x. Then substitute that expression for y in the second equation: x+ (1500- x)= 60. That's exactly the equation skeeter gives.
• Dec 9th 2012, 02:19 PM
rcmango
Re: interest problem.
Thanks Ivy, I definitely can see it this way.
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