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13 August, 09:38

Gonzalez Manufacturing borrowed $33000. Part of the money was borrowed at 8 %, part at 10 %, and part at 12 %. The total amount borrowed at 8 % and 10 % was twice the amount borrowed at 12 %. Find the amount borrowed at each rate if the annual interest was $3360.

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  1. 13 August, 10:56
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    given,

    borrowed money = $33000

    Part of the money was borrowed at 8 % be x, part at 10 % be y, and part at 12 % be ($33000-x-y)

    x + y = 2 ($33000-x-y)

    3 x + 3 y = $ 66000

    x + y = $ 22000 ... (1)

    third part = $33000 - ($22000)

    = $ 11000

    now annual interest is

    0.08 x + 0.1 y + 0.12 * 11000 = $ 3360

    0.08 x + 0.1 y = 2040 ... (2)

    0.1 x + 0.1 y = 2200 ... (3)

    solving equation (3) and (2)

    x = $ 8000

    y = $ 14000

    3 rd number = $ 11000
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