question archive A small business takes out loans from three different banks to buy some new equipment
A small business takes out loans from three different banks to buy some new equipment
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A small business takes out loans from three different banks to buy some new equipment. The total amount of the three loans is $20,000. The first bank offered an interest rate of 16%. The second back offered a rate of 18% and the amount borrowed from this bank was $5,000 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 $3270. How much did they borrow from each bank? (clearly state the systems of equations, identifying the variables and then solve.
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