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How much money did the shop ask from each bank

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Question - The toy shop fun for kids needs a loan of $25000 to pay for an extension. Since they cannot get that money from one bank, they will ask for three loans from the different banks. The first one has 8% interest rate. The second one requests a loan of $2000 more than half the amount asked from the first bank. The interest rate for the second bank is 10%. The rest of the $25000 will be obtained by a loan from a third bank which has 9% interest rate. The total annual interest that fun for kids pays for the loans from the three banks is $2220. How much money did the shop ask from each bank?

Reference no: EM132100964

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