FINANCE A small shoe corporation borrowed $1,500,000 to
Chapter , Problem 107(choose chapter or problem)
FINANCE A small shoe corporation borrowed $1,500,000 to expand its line of shoes. Some of the money was borrowed at 7%, some at 8%, and some at 10%. Use a system of equations to determine how much was borrowed at each rate if the annual interest was $130,500 and the amount borrowed at 10% was 4 times the amount borrowed at 7%. Solve the system using matrices.
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