QuestionAlonzo deposited \$12,000 at 6% and \$4,000 at 5%. Find: (a) total interest after 1 year and (b) total percent interest earned.

Studdy Solution
Calculate the percent interest for the total deposited.
$$Percent\, interest = \frac{\$920}{\$16,000} \\times100 =5.75\%$$(a) The total interest earned at the end of year was $920. (b) The percent interest for the total deposited was5.75%.