Concept explainers
Tocalculate: the money borrowed at each interest rate by a small corporation to expand its clothing line.
Answer to Problem 59E
To expand its clothing line, the small corporation borrowed $300,000 at 8% ,$400,000 at 9% and $75,000 at 10% from three different lenders.
Explanation of Solution
Given information :
Total amount of money borrowed from three different lenders = $775,000.
Let the amount of money borrowed at 8%, 9% and 10% simple interest, be
Annual interest owed = $67,500.
Amount borrowed at 8% is four times the amount borrowed at 10%.
Calculation :
Substitute Equation 3 in Equation 1 and Equation 2.
Multiply Equation 4 by 0.09 .
Eliminate y by subtracting the equations.
Back substitute
Borrowed amount at 8% =$300,000
Borrowed amount at 9% =$400,000
Borrowed amount at 10%=$75,000
Chapter 7 Solutions
EBK PRECALCULUS W/LIMITS
- Calculus: Early TranscendentalsCalculusISBN:9781285741550Author:James StewartPublisher:Cengage LearningThomas' Calculus (14th Edition)CalculusISBN:9780134438986Author:Joel R. Hass, Christopher E. Heil, Maurice D. WeirPublisher:PEARSONCalculus: Early Transcendentals (3rd Edition)CalculusISBN:9780134763644Author:William L. Briggs, Lyle Cochran, Bernard Gillett, Eric SchulzPublisher:PEARSON
- Calculus: Early TranscendentalsCalculusISBN:9781319050740Author:Jon Rogawski, Colin Adams, Robert FranzosaPublisher:W. H. FreemanCalculus: Early Transcendental FunctionsCalculusISBN:9781337552516Author:Ron Larson, Bruce H. EdwardsPublisher:Cengage Learning