Word equations

[purcherries]

You have $30,000 invested in 2 accounts. The savings account pays 5% annual interest while the checking account pays 2% per year. If the total interest for both accounts was $1,140, how much money is each account?



I have tried; ( I've already turned in my assignment and know it is wrong, but I still want to learn how to do it so I am prepared on my test for equations similiar).

P*R*T=I
savings @ 5% x*.05*1=.05x
checking @ 2% x*.02*1=.02x
.05x+.02x=1140
.07x=1140
x=16285.714
16285.714*.05=814.29
16285.714*.02=325.71428
savings=814.29
checking=325.71

 

[masters]

You have $30,000 invested in 2 accounts. The savings account pays 5% annual interest while the checking account pays 2% per year. If the total interest for both accounts was $1,140, how much money is each account?



I have tried; ( I've already turned in my assignment and know it is wrong, but I still want to learn how to do it so I am prepared on my test for equations similiar).

P*R*T=I
savings @ 5% x*.05*1=.05x
checking @ 2% x*.02*1=.02x
.05x+.02x=1140
.07x=1140
x=16285.714
16285.714*.05=814.29
16285.714*.02=325.71428
savings=814.29
checking=325.71

Hi Purcherries,

Here's the setup:

Let x = amount in the savings account.

Let 30000 - x = amount in the checking account.

The total interest accumulated after 1 year is 1140.

.05x + .02(30000 - x) = 1140

Take it from there.

 

[purcherries]

Ok so I got
x=amount in savings
30,000-x=amount in checking
1 yr=1140 interest
.05x+.02(30000-x)=1140
.05x+600-.02x=1140
.03x+600=1140
.03x=540
x=18000

30,000-18,000=12000
so we got
$12,000 in checking
$18,000 in savings


thank you very much, that makes alot more since then how I figured. Thank you again