Business, 23.09.2019 22:20 bosskid361
Madison finance has a total of $20 million earmarked for homeowner loans and auto loans, where x is homeowner loans in millions of dollars and y is auto loans in millions of dollars. on the average, homeowner loans have a 9% annual rate of return, whereas auto loans yield a 14% annual rate of return. management has also stipulated that the total amount of homeowner loans should be greater than or equal to 4 times the total amount of automobile loans. determine the total amount of loans of each type madison should extend to each category to maximize its returns p in millions of dollars.
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Madison finance has a total of $20 million earmarked for homeowner loans and auto loans, where x is...
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