Name: Anonymous 2007-12-04 23:55
A furniture borrowed $650,000 to expand it's store. Some money was borrowed at 4%, some at 6.5% and the rest at 9%. How much was borrowed at each rate if the annual interest was $46,250 and the amount borrowed at 9% was twice the amount borrowed at 4%.
What I get is: x@4%; y@6.5%; z@9%
x+y+z=650,000 BUT should it be -x-y-z=650,000 or x+y+z=650,000 ? I'm only asking because I've never seen a problem like this where money was borrowed and not invested.
What I have so far is:
x+y+z=650,000 (or some variation)
.04x+.065y+.09z =$46,250
2x + z = 0
(where z=2x)
so...
[1 1 1 650,000]
[.04 .065 .09 46,250]
[2 0 1 0]
then...
[1 0 0 -53,333.333]
[0 1 0 596666.666]
[0 0 1 106666.666]
But if I consider that it's borrowed then the x, y, z values of the first row should all be negative, right?
In this case I get:
[1 0 0 -1180000]
[0 1 0 -1830000]
[0 0 1 2,360,000]
What am I doing wrong? Am I just over thinking it.
Thanks
What I get is: x@4%; y@6.5%; z@9%
x+y+z=650,000 BUT should it be -x-y-z=650,000 or x+y+z=650,000 ? I'm only asking because I've never seen a problem like this where money was borrowed and not invested.
What I have so far is:
x+y+z=650,000 (or some variation)
.04x+.065y+.09z =$46,250
2x + z = 0
(where z=2x)
so...
[1 1 1 650,000]
[.04 .065 .09 46,250]
[2 0 1 0]
then...
[1 0 0 -53,333.333]
[0 1 0 596666.666]
[0 0 1 106666.666]
But if I consider that it's borrowed then the x, y, z values of the first row should all be negative, right?
In this case I get:
[1 0 0 -1180000]
[0 1 0 -1830000]
[0 0 1 2,360,000]
What am I doing wrong? Am I just over thinking it.
Thanks