Solve the Problem. -Andre Borrowed $40,000 to Buy a Truck for His Business

Multiple Choice

Solve the problem.
-Andre borrowed $40,000 to buy a truck for his business. He borrowed from his parents who charge him 3% simple interest. He borrowed from a credit union that charges 4% simple interest, and he
Borrowed from a bank that charges 6% simple interest. He borrowed four times as much from his
Parents as from the bank, and the amount of interest he paid at the end of 1 yr was $1,560. How
Much did he borrow from each source?

A) He borrowed $4,000 from his parents, $35,000 from the credit union, and $1,000 from the bank.
B) He borrowed 1,500 from his parents, 32,500 from the credit union, and 6,000 from the bank.
C) He borrowed 6,000 from his parents, 32,500 from the credit union, and 1,500 from the bank.
D) He borrowed $8,000 from his parents, $30,000 from the credit union, and $2,000 from the bank.