Borrowing Money A small corporation borrowed $500,000 to

Chapter 7, Problem 7.4.78

(choose chapter or problem)

Borrowing Money A small corporation borrowed $500,000 to build a new office building. Some of the money was borrowed at 9%, some at 10%, and some at 12%. Use a system of equations to determine how much was borrowed at each rate if the annual interest was $52,000 and the amount borrowed at 10% was times the amount borrowed at 9%. Solve the system using matrices.

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