A small company took out three different loans totaling $73000 to expand their business. The annual simple interest rates on each of the loans was 6%, 7%, and 8%. They borrowed $3000 more at 7% than they borrowed at 8% and the total annual interest on the loans was $5085. Let x, y, and z represent the amounts borrowed at 6%,7%, and 8%, respectively. Write the equation that represents the total amount borrowed. Write the equation that represents the fact that the company borrowed $3000 more at 7% than they borrowed at 8%. Write the equation that represents the total annual interest. How much money did they borrow at each rate? Amount borrowed at 6%: $ Amount borrowed at 7%: $ Amount borrowed at 8% : $

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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A small company took out three different loans totaling $73000 to expand their business. The annual
simple interest rates on each of the loans was 6%, 7%, and 8%. They borrowed $3000 more at 7% than they
borrowed at 8% and the total annual interest on the loans was $5085.
Let x, y, and z represent the amounts borrowed at 6%,7%, and 8%, respectively.
Write the equation that represents the total amount borrowed.
Write the equation that represents the fact that the company borrowed $3000 more at 7% than they
borrowed at 8%.
Write the equation that represents the total annual interest.
How much money did they borrow at each rate?
Amount borrowed at 6%: $
Amount borrowed at 7%: $
Amount borrowed at 8%: $
Transcribed Image Text:A small company took out three different loans totaling $73000 to expand their business. The annual simple interest rates on each of the loans was 6%, 7%, and 8%. They borrowed $3000 more at 7% than they borrowed at 8% and the total annual interest on the loans was $5085. Let x, y, and z represent the amounts borrowed at 6%,7%, and 8%, respectively. Write the equation that represents the total amount borrowed. Write the equation that represents the fact that the company borrowed $3000 more at 7% than they borrowed at 8%. Write the equation that represents the total annual interest. How much money did they borrow at each rate? Amount borrowed at 6%: $ Amount borrowed at 7%: $ Amount borrowed at 8%: $
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