16. Hanson borrows GHC 900.00 from Kwesi and the same amount from Mingle to start a business. He agrees to pay Kwesi 15% of the profits of the business cach year. He also agrees to pay Mingle 10% of the annual profits in addition 3% interest on his loan each year. a. Find how much Kwesi is paid in a year in which Mingle receives GHC 48,000.00 b. How much is Kwesi paid a year in which he receives GHC 12,750.00 more than Mingle?
16. Hanson borrows GHC 900.00 from Kwesi and the same amount from Mingle to start a business. He agrees to pay Kwesi 15% of the profits of the business cach year. He also agrees to pay Mingle 10% of the annual profits in addition 3% interest on his loan each year. a. Find how much Kwesi is paid in a year in which Mingle receives GHC 48,000.00 b. How much is Kwesi paid a year in which he receives GHC 12,750.00 more than Mingle?
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 35P
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Transcribed Image Text:16. Hanson borrows GHC 900.00 from Kwesi and the same amount from Mingle to start
a business. He agrees to pay Kwesi 15% of the profits of the business cach year. He
also agrees to pay Mingle 10% of the annual profits in addition 3% interest on his
loan each year.
a. Find how much Kwesi is paid in a year in which Mingle receives GHC 48,000.00
b. How much is Kwesi paid a year in which he receives GHC 12,750.00 more than
Mingle?
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