Chelsea took out three loans for a total of $75,000 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 4%, and her home-equity loan was at an interest rate of 5.5%. The total simple interest due on the loans in one year was $4495. The annual simple interest on the home-equity loan was $715 more than the interest on the business-equipment loan. How much did she borrow from each source? Chelsea borrowed ______ from the business-equipment loan, _____ from the small-business loan, and _____ from the home-equity loan.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Chelsea took out three loans for a total of $75,000 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 4%, and her home-equity loan was at an interest rate of 5.5%. The total simple interest due on the loans in one year was $4495. The annual simple interest on the home-equity loan was $715 more than the interest on the business-equipment loan. How much did she borrow from each source?
Chelsea borrowed ______ from the business-equipment loan, _____ from the small-business loan, and _____ from the home-equity loan.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
