SOLUTION: Nico is saving money for his college education. He invests some money at 8%, and ​$1800 less than that amount at 6 %. The investments produced a total of ​$270 interest
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Question 1050492: Nico is saving money for his college education. He invests some money at 8%, and $1800 less than that amount at 6 %. The investments produced a total of $270 interest in 1 yr. How much did he invest at each rate?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
I=prt, p is principal, rates are given, and time is 1 year
x=principal at 8%
x-1800=principal at 6%
.08x+0.06(x-1800)=270
.08x+0.06x-108=270
.14x=378 moving terms.
x=378/.14=2700
$2700@8%=$216 ANSWER
$900 ($2700-$1800) @0.06=$54 ANSWER
They add to $270
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