A small company took out three loans totaling $25,000. The company was able to borrow some of
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A small company took out three loans totaling $25,000. The company was able to borrow some of the money at 4% interest. It borrowed $2000 more than one-half the amount of the 4% loan at 6%, and the rest at 5%. The total annual interest was $1220. How much did the company borrow at each rate?
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Related Book For
College Algebra
ISBN: 978-0134697024
12th edition
Authors: Margaret L. Lial, John Hornsby, David I. Schneider, Callie Daniels
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