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14 July, 01:52

Your company took a start up loan at 5% interest. You also took a capital improvement loan for 7% interest. The start up loan is eight times larger than the improvement loan. If the interest paid on both loans for one year is $9,400, how much did the company borrow for each loan?

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  1. 14 July, 02:31
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    To answer the question above, we let 8x be the amount loaned with 5% interest and x be the amount loaned at 7% interest. The amount of interest is calculated through the equation,

    I = amount x rate

    The sum of these interest should be 9,400. The equations that would best represent the given scenario are,

    (8x) (0.05) + x (0.07) = 9400

    The value of x from the given equation is,

    x = 20,000

    Therefore, the company loaned $160,000 with 5% interest and $20,000 with 7% interest.
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