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

question 42

Multiple Choice

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%

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Definitions:

Parity Ratio

A ratio used to compare the value of one thing to another, such as the price of a commodity to the price of a set of other goods or incomes.

Prices Received

The amount of money sellers actually receive for the goods or services they sell, after discounts, allowances, and deductions.

Prices Paid

The amount of money spent by purchasers to acquire goods and services.

U.S. Farm Policies

Government actions, typically involving subsidies, regulations, and support programs, aimed at supporting the agricultural sector and influencing farming practices and markets in the United States.