A Corporation Borrowed $\$ 1,330,000$ To Expand Its Line of Clothing $8 \%$

question 16

Multiple Choice

A corporation borrowed $\$ 1,330,000$ to expand its line of clothing. Some of the money was borrowed at $8 \%$ some at $11 \%$ and the remainder at $14 \%$ . The annual interest payment to the lenders was $\$ 127,400$ . The amount borrowed at $8 \%$ was $4$ times the amount borrowed at $14 \%$ . How much was borrowed at the $14 \%$ rate?

• A) \(\$ 210,000\)
• B) \(\$ 430,000\)
• C) \(\$ 840,000\)
• D) \(\$ 160,000\)
• E) \(\$ 280,000\)

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