SOLUTION: A SMALL CORPORATION BORROWED $800,000 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 ANN
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Question 111578: A SMALL CORPORATION BORROWED $800,000 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 $67,000 AND THE
AMOUNT 8% WAS FIVE TIMES THE AMOUNT BORROWED AT 10%.
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
First, let's name the variables.
E=amount borrowed at 8%
N=amount borrowed at 9%
T=amount borrowed at 10%
Next, let's write down what you know.
1.Amount Borrowed :
2.Total Interest :
3.Relationship between E and T :
Let's substitute equation 3 into equations 1 and 2.
1.
1.
1.
2.
2.
2.
2.
Now let's use equation 1 and solve for N in terms of T.
1.
1.
We can substitute that result into 2 and solve for T.
2.
From 1,
1.
and from 3,
Let's check the answers.
True statement.
True statement.
Your answers led to true statement.
They're good answers.
$625,000 borrowed at 8%
$50,000 borrowed at 9%
$125,000 borrowed at 10%
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