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anonymous

  • 5 years ago

A residential building contractor borrowed $39,000 to complete a new home. Some of the money was borrowed at 5%, some at 4%, and some at 6%. How much was borrowed at each rate if the annual interest owed was $1800 and the amount borrowed at 4% is four times more than the amount borrowed at 6%? A. $12,000 at 5%; $22,000 at 4%; $5000 at 6% B. $14,000 at 5%; $20,000 at 4%; $5000 at 6% C. $12,000 at 5%; $21,000 at 4%; $6000 at 6% D. $13,000 at 5%; $18,000 at 4%; $7000 at 6% E. $11,000 at 5%; $24,000 at 4%; $6000 at 6%

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  1. anonymous
    • 5 years ago
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    Any ideas on how you want to attempt this problem? There are many many ways.

  2. anonymous
    • 5 years ago
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    Whatever way is easiest....

  3. anonymous
    • 5 years ago
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    I figured setting up a formula and then plugging in the different answers till I find the right one.. so in that case I guess I'm not sure what my equation/formula would be?

  4. anonymous
    • 5 years ago
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    Ok, well let's look at this.

  5. anonymous
    • 5 years ago
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    The easiest method by far in multiple choice questions is elimination.

  6. anonymous
    • 5 years ago
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    Four percent of $39,000 is?

  7. anonymous
    • 5 years ago
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    $1560

  8. anonymous
    • 5 years ago
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    Oh sorry, I didn't not read the question carefully enough.

  9. anonymous
    • 5 years ago
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    Let's do some elimination: can you tell me which letters do not fit this qualifier? " the amount borrowed at 4% is four times more than the amount borrowed at 6%"

  10. anonymous
    • 5 years ago
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    uhm... I'm not sure I understand your question....

  11. anonymous
    • 5 years ago
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    Oh, no problem. Let's look at this: $12,000 at 5%; $22,000 at 4%; $5000 at 6% For this answer, is the 4% value 4x the amount of the 6% value?

  12. anonymous
    • 5 years ago
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    no it's 500 short

  13. anonymous
    • 5 years ago
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    Exactly, so right away A is wrong. Can you tell me which other answers are wrong immediately?

  14. anonymous
    • 5 years ago
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    Ohhh ok so I could use this to test my given answers to find the right one! ding dong my light bulb just went on wow I feel dumb. lol

  15. anonymous
    • 5 years ago
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    Haha, no worries. So which ones are wrong?

  16. anonymous
    • 5 years ago
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    Just from that simple test, which ones are wrong?

  17. anonymous
    • 5 years ago
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    ok so my final answers are between b and e

  18. anonymous
    • 5 years ago
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    Correct! Good! A, C, and D are all wrong. The 4% values are not 4 times greater than their 6% values. We've eliminated over half the choices!

  19. anonymous
    • 5 years ago
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    awesome possum...Now where do I go from there knowing that I have 2 choices of answers

  20. anonymous
    • 5 years ago
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    Haha, now we get to look at this: "borrowed $39,000 to complete a new home."

  21. anonymous
    • 5 years ago
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    Can you add the loan values in B and E and tell me if they add up to 39,000?

  22. anonymous
    • 5 years ago
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    just kidding the answer is b

  23. anonymous
    • 5 years ago
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    sorry Idk why that problem was so hard to wrap my brains around lol thanks for helping me though

  24. anonymous
    • 5 years ago
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    Haha, yes! And look, we didn't have to do any hard math at all! You got very lucky xD

  25. anonymous
    • 5 years ago
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    Anytime, it's no problem. Would you like to do the math?

  26. anonymous
    • 5 years ago
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    This was more test taking strategy.

  27. anonymous
    • 5 years ago
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    ha ha true well all the other questions I was working on were hard and I got to this one and was like ok back to basics.. uh oh lol

  28. anonymous
    • 5 years ago
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    lol, it happens

  29. anonymous
    • 5 years ago
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    It's ok i have it down on my practice paper thanks though!

  30. anonymous
    • 5 years ago
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    Happy to help!

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