SOLUTION: a small corporation borrowed $500,000 to expand its product line. Some of
the money was borrowed at 9%, some at 10% and some at 12%. How much was
borrowed at each rate if the ann
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Question 44917: a small corporation borrowed $500,000 to expand its product line. Some of
the money was borrowed at 9%, some at 10% and some at 12%. How much was
borrowed at each rate if the annual interest was $52, 000 and the amount
borrowed at 10% was two and a half times the amount borrowed at 9%?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
x = amount borrowed at 9%
y = amount borrowed at 10%
z = amount borrowed at 12%
Annual interest charged at 9% =
Annual interest charged at 10% =
Annual interest charged at 12% =
Total annual interest = 52000
according to problem,
also,
multiply both sides of this equation by (-.12)
and the other equation was
add these equations
divide both sides by (-.08)
amount borrowed at 9%
amount borrowed at 10%
amount borrowed at 12%
check
OK
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