SOLUTION: Investments Lou invests part of $1500 inheritance at an interest rate of 7% and the rest at an interest rate of 3%. His total interest gained in one year was $45. Ho much did

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: Investments Lou invests part of $1500 inheritance at an interest rate of 7% and the rest at an interest rate of 3%. His total interest gained in one year was $45. Ho much did       Log On


   



Question 907433: Investments Lou invests part of $1500 inheritance at an interest rate of 7% and the rest at an interest rate of 3%. His total interest gained in one year was
$45. Ho much did Lou invest at each rate?

Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
x amount at 7%
.07x + .03(1500-x) = 45
x = 0, amount at 7%
$1500 at 3%