Posted by **Anonymous** on Wednesday, April 9, 2014 at 1:38pm.

A bank lent $1.2 million for the development of three new products, with one loan each at 6%, 7%, and 8%. The amount lent at 8% was equal to the sum of the amounts lent at the other two rates, and the bank's annual income from the loans was $88,000. How much was lent to each rate?

- Math -
**Steve**, Wednesday, April 9, 2014 at 6:06pm
if the amounts are x,y,z for 6,7,8% respectively (in thousands), then we have

x+y+z = 1200

z = x+y

.06x + .07y + .08z = 88

x,y,z = 200,400,600

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