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%

Question

Quizplus · Accepted Answer

The total amount borrowed is $29,000. Let x be the amount borrowed at 7%, then the amount borrowed at 6% is 2x, and the total interest is $1,580. Setting up the equation based on interest rates and solving for x gives the amounts borrowed at each rate as $11,000 at 4%, $12,000 at 6%, and $6,000 at 7%.

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