A real estate company borrows $700,000. Some of the money is borrowed at 5%, some at 9%, and some at 11% simple annual interest. How much is borrowed at the 5% rate when the total annual interest is $55,000 and the amount borrowed at 9% is the same as the amount borrowed at 11%?

Question

Quizplus · Accepted Answer

Let x be the amount borrowed at 5%, y be the amount borrowed at 9%, and z be the amount borrowed at 11%.We have the following system of equations:x + y + z = 700,0000.05x + 0.09y + 0.11z = 55,000y = zSolving this system of equations, we get x = 300,000.

A Real Estate Company Borrows $700,000