Form real life problems

Mar 2019
196
1
TTF area
MIke inherited $25,000 and invested part of it in a money market account, part in bonus bonds and part in a mutual fund. After one year, he received a total of $1,620 in simple interest from the three investments. The money market paid 6% annually, the bonds paid 7% annually, and the mutual fund paid 8% annually. There was $6000 more invested in the bonds than the mutual funds.

Set up and solve a system of equations to find the amount Mike invested in each category.

How do I set this up to start to solve?
 

romsek

Math Team
Sep 2015
2,961
1,674
USA
MIke inherited \$25,000 and invested part of it in a money market account, part in bonus bonds and part in a mutual fund. After one year, he received a total of \$1,620 in simple interest from the three investments. The money market paid 6% annually, the bonds paid 7% annually, and the mutual fund paid 8% annually. There was \$6000 more invested in the bonds than the mutual funds.

Set up and solve a system of equations to find the amount Mike invested in each category.

How do I set this up to start to solve?
reposted to fix formatting
 

romsek

Math Team
Sep 2015
2,961
1,674
USA
$mm + b + mf = 25000\\
(0.06)mm + (0.07)b + (0.08)mf = 1620\\
mf + 6000 = b
$