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%

Question

Quizplus · Accepted Answer

Let x, y, and z represent the amounts borrowed at 5%, 7%, and 8% respectively. The total amount borrowed is $24,000, so x + y + z = 24,000. The total interest is $1,480, so 0.05x + 0.07y + 0.08z = 1,480. It's given that the amount borrowed at 7% is two times more than the amount borrowed at 8%, meaning y = 2z. Solving these equations simultaneously gives x = $12,000, y = $8,000, and z = $4,000.

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