Solving Systems with Gaussian Elimination · Try It 7
A small shoe company took out a loan of $1,500,000 to expand their inventory. Part of the money was borrowed at 7%, part was borrowed at 8%, and part was borrowed at 10%. The amount borrowed at 10% was four times the amount borrowed at 7%, and the annual interest on all three loans was $130,500. Use matrices to find the amount borrowed at each rate.
OpenStax, Algebra and Trigonometry 2e · §11.6 Solving Systems with Gaussian Elimination · Try It 7
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