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A Real Estate Company Borrows $2,000,000

Question 48

Multiple Choice

A real estate company borrows $2,000,000.Some of the money is borrowed at 4%, some at 8%, and some at 11% simple annual interest.How much is borrowed at the 11% rate when the total annual interest is $130,000 and the amount borrowed at 4% is the same as the amount borrowed at 8%?


A) $500,000
B) $200,000
C) $300,000
D) $600,000
E) $900,000

Correct Answer:

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