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 in 1 year. Ho

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Question 1065392: 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 year. How much did he invest at each rate?
Found 2 solutions by stanbon, josmiceli:
Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website!
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 year. How much did he invest at each rate?
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Interest Equation::
0.08x + 0.06(x-1800) = 270
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8x + 6x - 6*1800 = 27000
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14x = 37800
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x = $2700 (amt. invested at 8%
x-1800 = $900 (amt. invested at 6%)
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Cheers,
Stan H.
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Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website!
For simple interest, which this is

= interest earned over years
= amount invested
= rate of interest
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yr
Let = interest earned at 8%
Let = interest earned at 6%
Let = amount invested at 8%
= amount invested at 6%
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(1)
and

(2)
Substitute (1) into (2)
(2)
(2)
(2)
(2)
(2)
(2)
and

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He invested $2,700 @ 8%
He invested $900 @ 6%
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check:
(1)
(1)
(1)
and
(2)
(2)
(2)
and

OK