Solved

A Residential Building Contractor Borrowed $29,000 to Complete a New

Question 42

Multiple Choice

A residential building contractor borrowed $29,000 to complete a new home.Some of the money was borrowed at 4%,some at 6%,and some at 7%.How much was borrowed at each rate if the annual interest owed was $1,580 and the amount borrowed at 6% is two times more than the amount borrowed at 7%?


A) $11,000 at 4%;$12,000 at 6%;$6,000 at 7%
B) $9,000 at 4%;$14,000 at 6%;$6,000 at 7%
C) $9,000 at 4%;$13,000 at 6%;$7,000 at 7%
D) $10,000 at 4%;$10,000 at 6%;$8,000 at 7%
E) $10,000 at 4%;$14,000 at 6%;$7,000 at 7%

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions