A City Zoo Borrowed $2,000,000 at Simple Annual Interest to Construct

question 73

Multiple Choice

A city zoo borrowed $2,000,000 at simple annual interest to construct a breeding facility. Some of the money was borrowed at 3%, some at 5%, and some at 10%. Use a system of equations to determine how much was borrowed at 5% if the total annual interest was $105,000 and the amount borrowed at 3% was twice the amount borrowed at 10%. Solve the system using matrices.

• A)$700,000 was borrowed at 5%
• B)$500,000 was borrowed at 5%
• C)$1,600,000 was borrowed at 5%
• D)$1,000,000 was borrowed at 5%
• E)$100,000 was borrowed at 5%