Uses 2 variables and a system of equations to solve: A total of $8,000 is deposited in 2 simple interest accounts. The annual interest rate is 12% in one account and 10% in the other account. The total annual interest earned was $900. How much was invested in each account?
What are the formulas used in simple interest problems?
How can you solve a simple interest problem if we are given two accounts, interest amounts, and interest earned?
How can you solve for an unknown account investment?
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This video does a good job of teaching step by step how to solve a simple interest problem using two accounts with two different interest rates. Tables are used to build equations piece by piece, which are then solved.