Last Year, a Women's Professional Organization Made Two Small Business

question 226

Essay

Last year, a women's professional organization made two small business loans totaling $38,000 to young women beginning their own businesses. The money was lent at 7% and 10% simple interest rates. If the annual income the organization received from these loans was $3,560, what was each loan amount?
$__________ at 7% $__________ at 10%

---

Definitions:

Economic Growth

An increase in the production of goods and services over a specific period, reflecting the health of a country's economy.

Jobs

Positions of employment where individuals are hired to perform specific duties in exchange for compensation, playing a critical role in economies and personal livelihoods.

Stockholders' Equity

The remaining value of a company's assets once all liabilities have been subtracted, commonly known as shareholders' equity.

Balance Sheet

A financial statement that presents a snapshot of a company’s financial condition at a specific point in time, detailing assets, liabilities, and equity.