Question

Mr. Walker invested $65,100 in two banks, one paying 4.5% and the other 6%. If he gets $231 more on the 6% investment than that on the 4.5% investment, find the total annual income from the banks.

Answer 1

We will create two equations. For he invested in two banks, one paying 4.5% and the other 6%, we have "x" and "y" to represent the two banks such as:
Let x be the bank paying 4.5 %
Let y be the bank paying 6%
X + Y=$65,100
If he gets $231 more on the 6% investment than that on the 4.5% investment
X=Y+$231