A Residential Building Contractor Borrowed $24,000 to Complete a New

Multiple Choice

A residential building contractor borrowed $24,000 to complete a new home. Some of the money was borrowed at 5%, some at 7%, and some at 8%. How much was borrowed at each rate if the annual interest owed was $1480 and the amount borrowed at 7% is two times more than the amount borrowed at 8%?

A) $10,000 at 5%; $10,000 at 7%; $4000 at 8%
B) $12,000 at 5%; $8000 at 7%; $4000 at 8%
C) $10,000 at 5%; $9000 at 7%; $5000 at 8%
D) $11,000 at 5%; $6000 at 7%; $6000 at 8%
E) $11,000 at 5%; $10,000 at 7%; $5000 at 8%