# lehman

Investment A clothing company borrows \$700,000. Some of the money is borrowed at 8%, some at 9%, and some at 10% simple annual interest. How much is borrowed at each rate when the total annual interest is \$60,500 and the amount borrowed at 8% is three times the amount borrowed at 10%?

1. 👍 0
2. 👎 0
3. 👁 284
1. amount invested at 10% --- x
amount invested at 8% ---- 3x
amount invested at 9% ----- 700,000-x-3x = 700,000-4x

.1x + .08(3x) + .09(700000-4x) = 60500
times 100
10x + 8(3x) + 9(700000-4x) = 6050000
34x + 6300000 - 36x = 6050000
-2x = -250,000
x = 125,000

amount borrowed at 10% = \$125,000
amount borrowed at 8% = 375,000
amount borrowed at 9% = 200,000

1. 👍 0
2. 👎 0
posted by Reiny

## Similar Questions

1. ### Precalculus

A museum borrows \$2,000,000 at simple annual interest to purchase new exhibits. Let x represent the amount borrowed at 7%, y represent the amount borrowed at 8.5%, and z represent the amount borrowed at 9.5%. Set up a system of

asked by bob on January 30, 2018
2. ### Algebra II

Zach borrowed \$50,000 to buy a car, put a down payment on a house, and pay for student loans. Some of the money was borrowed at 5%, some at 6% and some at 7%. How much was borrowed at each rate if the annual interest owed was

asked by Austin on October 7, 2018
3. ### algebra

Brandon is buying a car. The monthly payment p for the car varies directly with the amount borrowed b. Suppose that the dealership tells him that if he borrows \$15,000, her payment will be \$293.49. What would be her payment if she

asked by Megan Watt on March 17, 2011
4. ### Finance

Assume a \$4,000 investment and the following cash flows for two alternatives. Year Investment X Investment Y 1 \$1,000 \$1,300 2 800 2,800 3 700 100 4 1,900 5 2,000 a. Under the payback method, which investment should be chosen?

asked by PLewis on April 24, 2011
5. ### math- check my answer

An internet investment company advertises that if you invest your money with them at 14%, compounded annually, they guarantee yo double your money sooner than you can imagine. Ignoring taxes, how long would it take to double your

asked by Melly on May 4, 2011
1. ### accounting

Rushia Company has an available-for-sale investment in the 10%, 10-year bonds of Pear Co. The investmentâ€™s carrying value is \$3,200,000 at December 31, 2010. On January 9, 2011, Rushia learns that Pear Co. has lost its primary

asked by Andrew on April 14, 2013
2. ### accounting

A company was recently formed with \$ 50,000 cash contributed to the company by stock-holders. The company then borrowed \$ 20,000 from a bank and bought \$ 10,000 of supplies on account. The company also purchased \$ 50,000 of

asked by dan on May 7, 2013
3. ### CPa

A company makes an investment of \$150,000 with a useful life of 10 years and expects to use this investment to generate \$300,000 in sales with \$280,000 in incremental operating costs. If the company operates in an environment with

asked by Anonymous on November 11, 2010
4. ### Finance

A company makes an investment of \$150,000 with a useful life of 10 years and expects to use this investment to generate \$300,000 in sales with \$280,000 in incremental operating costs. If the company operates in an environment with

asked by john on August 10, 2010
5. ### math

George finds a company that charges 59 cnets per day for each 1000 borrowed. if he borrows 3000 for 60 days, what amount will he repay, and what annual interest rate will he pay the company?

asked by Tiffany on March 1, 2013

More Similar Questions