SOLUTION: A small corporation borrowed $900,000 to expand its line of toys. Some of the money was borrowed at 8%, some at 9%, and some at 10%. How much was borrowed at each rate if the annua
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Question 446037: A small corporation borrowed $900,000 to expand its line of toys. Some of the money was borrowed at 8%, some at 9%, and some at 10%. How much was borrowed at each rate if the annual interest owed was $77,400 and the amount borrowed at 8% was four times the amount borrowed at 10%?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A small corporation borrowed $900,000 to expand its line of toys. Some of the money was borrowed at 8%, some at 9%, and some at 10%. How much was borrowed at each rate if the annual interest owed was $77,400 and the amount borrowed at 8% was four times the amount borrowed at 10%?
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Quantity Eq:::: e + n + t = 900,000
Interest Eq:::0.08e+0.09n+0.10t = 77,400
Quantity Eq::: e +0 -4t = 0
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I used a matrix method on a TI-84 to solve
this system of 3 equations:
I got:
amt invested at 8%: e = $480,000
amt invested at 9%: n = $300,000
ant invested at 10% t = $120,000
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Cheers,
Stan H.
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