Let's break down the given information and solve the problem step by step.
Let's assume the amount Charmaine borrowed from the bank is x dollars. According to the given information, she borrowed six times as much from her parents, so the amount borrowed from her parents would be 6x dollars.
Now, let's calculate the interest for each source:
Interest from parents: (6x) * 0.07 = 0.42x dollars
Interest from credit union: x * 0.02 = 0.02x dollars
Interest from bank: x * 0.03 = 0.03x dollars
The total interest paid is given as $1050. So we can set up the following equation:
0.42x + 0.02x + 0.03x = 1050
Combining like terms, we have:
0.47x = 1050
Dividing both sides by 0.47:
x = 1050 / 0.47
x ≈ 2234.04
Therefore, Charmaine borrowed approximately $2234.04 from the bank.
Now we can calculate the amount she borrowed from her parents:
Amount borrowed from parents = 6x = 6 * 2234.04 ≈ $13344.24
Finally, let's calculate the amount she borrowed from the credit union:
Amount borrowed from credit union = x = 2234.04 ≈ $2234.04
So, Charmaine borrowed approximately $13,344.24 from her parents, $2,234.04 from the credit union, and $2,234.04 from the bank.