SOLUTION: an investment of $1500 paid interest of $45 during a certain period. How much interest would an investment of $2000 invested at the same rate for the same length of time pay?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: an investment of $1500 paid interest of $45 during a certain period. How much interest would an investment of $2000 invested at the same rate for the same length of time pay?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


   



Question 429152: an investment of $1500 paid interest of $45 during a certain period. How much interest would an investment of $2000 invested at the same rate for the same length of time pay?

I tried $1500 x n=$45.....thinking i could divide both sides by 45 to get the percent of interest but that didn't work. Could you please explain how to find the interest rate I think I can figure it out if i have that

Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!

Hi
investment of $1500 paid interest of $45 during a certain period
Let x represent interest on an investment of $2000 invested similarly
Question sets Up the Proportion***
45%2F1500+=+x%2F2000 | Cross Multiplying
1500x = 45*2000
x = 45*2000/1500
x = $60, interest on an investment of $2000 invested similarly
CHECKING our Answer***
45/1500 = 60/2000 = 3/100