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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. Miguel borrowed $12,000 to buy a truck for his business. He borrowed from his parents who charge him 2% simple interest. He borrowed from a credit union that charges 4% simple interest, and he borrowed from a bank that charges 5% simple interest. He borrowed two times as much from his parents as from the bank, and the amount of interest he paid at the end of 1 yr was $420. How much did he borrow from each source? Miguel borrowed from his parents, from the credit union, and $ from the bank. X

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. Miguel borrowed $12,000 to buy a truck for his business. He borrowed from his parents who charge him 2% simple interest. He borrowed from a credit union that charges 4% simple interest, and he borrowed from a bank that charges 5% simple interest. He borrowed two times as much from his parents as from the bank, and the amount of interest he paid at the end of 1 yr was $420. How much did he borrow from each source? Miguel borrowed from his parents, from the credit union, and $ from the bank. X

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter6: Linear Systems
Section6.1: Systems Of Linear Equations
Problem 83E: Use the system of three equations in three variables to solve each problem. Work schedules A college...
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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. Miguel borrowed $12,000 to buy a truck for his business. He borrowed from his parents who charge him 2% simple interest. He borrowed from a credit union that charges 4% simple interest, and he borrowed from a bank that charges 5% simple interest. He borrowed two times as much from his parents as from the bank, and the amount of interest he paid at the end of 1 yr was $420. How much did he borrow from each source? Miguel borrowed $ from his parents, $ from the credit union, and $ from the bank. × 3
Transcribed Image Text: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. Miguel borrowed $12,000 to buy a truck for his business. He borrowed from his parents who charge him 2% simple interest. He borrowed from a credit union that charges 4% simple interest, and he borrowed from a bank that charges 5% simple interest. He borrowed two times as much from his parents as from the bank, and the amount of interest he paid at the end of 1 yr was $420. How much did he borrow from each source? Miguel borrowed $ from his parents, $ from the credit union, and $ from the bank. × 3
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