In an 80/20 mortgage, what is the first mortgage used for?
1 answer:
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Answer:
$2500 at 8%.
$2900 st 5%.
Step-by-step explanation:
Let x be the amount invested at rate of 8% and y be the amount invested at the rate of 5%.
We have been given that Heather has divided $5400 between two investments. We can represent this information as:
The return on her investment is $345.
Earnings from the investment at 8% will be 8% of x.
Earnings from the investment at 5% will be 5% of y.
We will use substitution method to solve our system of equations. From equation (1) we will get,
Substituting this value in equation (2) we will get,
Therefore, Heather has invested an amount of $2900 at 5%.
Let us substitute y=2900 in equation (1) to solve for x.
Therefore, Heather has invested an amount of $2500 at 8%.