A bank lent S1.2 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 amount lent at the other two rates, and the bank,s annual income from the loans was S88.000, How much was lent at each rate?
x at 6%
y at 7%
z at 8%
z = x + y
x+y+z = 1,200,000
.06x + .07 y +.08 z = 88,000
z = x+y
so
x + y + x+y = 1,200,000
6 x + 7 y + 8x+8y = 8,800,000
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x+y = 600,000 so y = 600,000 - x
14 x + 15 y = 8,800,000
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14 x + 15 (600,000-x) = 8,800,000
-x = 8,000,000 - 9,000,000 = -1,000,000
x = 1 million
onward