A small company took out three loans totaling $25,000. The company was able to borrow some of

Question:

A small company took out three loans totaling $25,000. The company was able to borrow some of the money at 4% interest. It borrowed $2000 more than one-half the amount of the 4% loan at 6%, and the rest at 5%. The total annual interest was $1220. How much did the company borrow at each rate?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

College Algebra

ISBN: 978-0134697024

12th edition

Authors: Margaret L. Lial, John Hornsby, David I. Schneider, Callie Daniels

Question Posted: