SOLUTION: Last year, a women's professional organization made two small-business loans totaling $26,000 to young women beginning their own businesses. The money was lent at 5% and 9% simple

Question 975843: Last year, a women's professional organization made two small-business loans totaling $26,000 to young women beginning their own businesses. The money was lent at 5% and 9% simple interest rates. If the annual income the organization received from these loans was $1,940, what was each loan amount?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x=amount at 5%
26,000-x = amount at 9%. You can use x and y, but this is easier.
0.05x + 0.09(26,000-x)=1940
0.05x+2340-0.09x=1940
-0.04x=-400
x=10000
26000-x=13500
Check
0.05*10000=500
0.09*16000=1440
Total is 1940, units in dollars

RELATED QUESTIONS
a women invest $25,000 in two business ventures/ last year she made a profit of 15% from... (answered by mananth)

A business has two loans totaling $85,000. One loan has a rate of 6% and the other has a... (answered by ikleyn)

A mortgage lender made 52% more loans to minorities this year than last year. If the... (answered by stanbon)

1. Wen Seng operates an ice cream shop. He is trying to decide whether to expand his... (answered by ikleyn)

A small company consists of 10 men and 5 women. How many ways may three men and two... (answered by ikleyn)

chris has invested $2,300 in two small businesses. last year, the greeting card business... (answered by longjonsilver)

Chris has invested $2,300 in two small businesses. Last year, the greeting card business... (answered by checkley77)

Chris has invested $2,300 in two small businesses. Last year, the greeting card business... (answered by Theo)

Starting on July 1, 2000, Peter borrows $9,000.00 each year for 4 years from his dear... (answered by ikleyn)