Set up a system of linear equations to represent the scenario. Solve the system by using Gaussian elimination or Gauss-Jordan elimination. Assume the interest rates are annual. Greg borrowed $22,000 to buy a truck for his business. He borrowed from his parents who charge him 6% simple interest. He borrowed from a credit union that charges 2% simple interest, and he borrowed from a bank that charges 5% simple interest. He borrowed four times as much from his parents as from the bank, and the amount of interest he paid at the end of 1yr was $1010. How much did he borrow from each source?
Set up a system of linear equations to represent the scenario. Solve the system by using Gaussian elimination or Gauss-Jordan elimination. Assume the interest rates are annual. Greg borrowed $22,000 to buy a truck for his business. He borrowed from his parents who charge him 6% simple interest. He borrowed from a credit union that charges 2% simple interest, and he borrowed from a bank that charges 5% simple interest. He borrowed four times as much from his parents as from the bank, and the amount of interest he paid at the end of 1yr was $1010. How much did he borrow from each source?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Set up a system of linear equations to represent the scenario. Solve the system by using Gaussian elimination or Gauss-Jordan elimination. Assume the interest rates are annual.
Greg borrowed $22,000 to buy a truck for his business. He borrowed from his parents who charge him 6% simple interest. He borrowed from a credit union that charges 2% simple interest, and he borrowed from a bank that charges 5% simple interest. He borrowed four times as much from his parents as from the bank, and the amount of interest he paid at the end of 1yr was $1010. How much did he borrow from each source?
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