SOLUTION: A bank loans a total of $7300 to two businesses. The bank charges the first business 5% annual interest, and charges the second business 8% annual interest. At the end of a year, t

Algebra ->  Algebra  -> Customizable Word Problem Solvers  -> Finance -> SOLUTION: A bank loans a total of $7300 to two businesses. The bank charges the first business 5% annual interest, and charges the second business 8% annual interest. At the end of a year, t      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com
Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations!
Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!

   

Question 47454: A bank loans a total of $7300 to two businesses. The bank charges the first business 5% annual interest, and charges the second business 8% annual interest. At the end of a year, the businesses pay the bank $440 in interest. How much did the bank loan each business?

Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
.05X+.08(7300-X)=440 OR .O5X+584-.08X=440 OR -.03X=-144 OR .03X=144 OR
X=144/.03 OR X=4800 THEN .05*4800=240 & 7300-4800=2500 OR 2500*.08=200
THEN 240+200=450
SO THE BUSINESSES RECEIVED LOANS OF $4800 @ 5% & $2500 @ 8%