Chelsea took out three loans for a total of $76 comma 000 to start an organic orchard. Her business-equipment loan was at an interest rate of 11%, the small-business loan was at an interest rate of 5 %, and her home-equity loan was at an interest rate of 4.5 %. The total simple interest due on the loans in one year was $4380. The annual simple interest on the home-equity loan was $370 more than the interest on the business-equipment loan. How much did she borrow from each source?
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Home » Business » Chelsea took out three loans for a total of $76 comma 000 to start an organic orchard. Her business-equipment loan was at an interest rate of 11%, the small-business loan was at an interest rate of 5 %, and her home-equity loan was at an interest