Question

A small software corporation borrowed $525,000 to expand its software line. The corporation borrowed some of the money at 3%, some at 4%, and some at 5%. Use a system of equations to determine how much was borrowed at each rate when the annual interest was $21,300 and the amount borrowed at 4% was 2 1 2 times the amount borrowed at 3%. Solve the system using matrices.

Answer 1

Amount borrowed at 3% is $110,000

Amount borrowed at 4% is $275,000

Amount borrowed at 5% is $140,000

Step-by-step explanation:

The attachment below clearly shows the calculations done