A large corporation borrows $750,000 to expand its product line. Some of the money was borrowed at 5% interest, some at 8%, and some at 12% interest. The amount borrowed at 8% was five times the amount borrowed at 5%. The interest owed at the end of the year on this money was $68,000. How much money did the corporation borrow at 12% interest? (round your answer to the nearest cent) $261,111.11 $244,444.44 $407,407.40 $81,481.48
A large corporation borrows $750,000 to expand its product line. Some of the money was borrowed at 5% interest, some at 8%, and some at 12% interest. The amount borrowed at 8% was five times the amount borrowed at 5%. The interest owed at the end of the year on this money was $68,000. How much money did the corporation borrow at 12% interest? (round your answer to the nearest cent) $261,111.11 $244,444.44 $407,407.40 $81,481.48
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Transcribed Image Text:### Corporate Loan Interest Calculation
A large corporation borrows $750,000 to expand its product line. The borrowed amount includes:
- Part of the money borrowed at 5% interest
- Part borrowed at 8% interest
- Part borrowed at 12% interest
The amount borrowed at 8% was five times the amount borrowed at 5%. Additionally, the interest owed at the end of the year on this money was $68,000.
### Problem Statement:
How much money did the corporation borrow at 12% interest? Please round your answer to the nearest cent.
### Multiple Choice Options:
- $261,111.11
- $244,444.44
- $407,407.40
- $81,481.48
Participants are required to perform calculations and choose the correct answer from the provided options.
**Note**: There are no graphs or diagrams associated with this question; it is solely a textual problem.
#### Additional Information:
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For further explanations on solving such problems, please review our section on algebraic methods for solving systems of equations.
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