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 was much was borrowed at each rate if the annual interest was $52,000 and the amount borrowed at 10% was two and one-half times the amount borrowed at 9%? Set up a system of equations that can be used to solve this problem. But DO NOT solve.
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 was much was borrowed at each rate if the annual interest was $52,000 and the amount borrowed at 10% was two and one-half times the amount borrowed at 9%? Set up a system of equations that can be used to solve this problem. But DO NOT solve.
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter10: Systems Of Equations
Section10.2: Substitution Method
Problem 41PS
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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 was much was borrowed at each rate if the annual interest was $52,000 and the amount borrowed at 10% was two and one-half times the amount borrowed at 9%? Set up a system of equations that can be used to solve this problem. But DO NOT solve.
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