A small business takes out loans from three different banks to buy some new equipment. The total amount of the three loans is $30,000. The first bank offered an interest rate of 16%. The second bank offered a rate of 18% and the amount borrowed from this bank was $5000 less than twice as much as the amount borrowed from the first bank. The third bank offered a rate of 15%. The total annual interest was $5050. How much did they borrow from each bank?
Equations and Inequations
Equations and inequalities describe the relationship between two mathematical expressions.
Linear Functions
A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.
A small business takes out loans from three different banks to buy some new equipment. The total amount of the three loans is $30,000. The first bank offered an interest rate of 16%. The second bank offered a rate of 18% and the amount borrowed from this bank was $5000 less than twice as much as the amount borrowed from the first bank. The third bank offered a rate of 15%. The total annual interest was $5050. How much did they borrow from each bank?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
