SOLUTION: Chelsea took out three loans for a total of $79,000 to start an organic orchard. Her business equipment loan was at an interest rate of 11%, the small business loan was at an inte
Algebra.Com
Question 902422: Chelsea took out three loans for a total of $79,000 to start an organic orchard. Her business equipment loan was at an interest rate of 11%, the small business loan was at an interest rate of 5%, and her home equity loan was at an interest rate of 4.5%. The total simple interest due on the loans in one year was $4590. The annual simple interest on the home equity loan was $260 more than the interest on the business equipment loan. How much did she borrow from each source?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
b+s+h=79000,
0.11*b+0.045*s+0.05*h=4590,
0.05*h-0.11*b=260
b = 13276.30, s = 31315.80,h = 34407.90
RELATED QUESTIONS
Chelea took out three loans for a total of $76,000 to start an organic orchard.
Her... (answered by stanbon)
Chelsea took out three loans for a total of $120,000 to start an organic orchard. Her... (answered by MathTherapy)
As an entrepreneur, there may be times when you must borrow money to fund the start of... (answered by jpg7n16)
Student loans are a hot discussion topic today both in the news and at home. Those of us... (answered by solver91311)
1. Samantha’s student loans total $18,000. Part was a personal loan at 11% interest; the (answered by mananth)
Partners in a business agreed to take out 2 loans totaling $35000. The yearly interest... (answered by 303795)
1. Wen Seng operates an ice cream shop. He is trying to decide whether to expand his... (answered by ikleyn)
A student took out two loans totaling $10,000 to help pay for college expenses. One loan... (answered by stanbon)
Chris took out a loan for $2500 and was charged simple interest at an annual rate of 9.3% (answered by Boreal)