A bank lent dollar 0.96 million for the development of three new products, with

Question

A bank lent dollar 0.96 million for the development of three new products, with one loan at 6%, one loan at 7%, and the third loan at 8%. The amount lent at 8% was equal to the sum of the amounts lent at the other two rates, and the bank's annual income from the bans was dollar 70,400. How much was lent at each rate? dollar 160,000 at 6%; $320,000 at 7%; $480,000 at 8% dollar 80,000 at 6%; 5480,000 a/7%; $400,000 at 8% dollar 80,000at 6%; $400,000 at 7%; $480,000at 8% dollar 160.000 at 6%; S400.000 at 7%; $400,000 at 8% dollar 160,000 at 6%; S 320,000 at 7%; S 560,000 at 8%

Explanation / Answer

A) is correct answer

since the bank is has 0.98 million dollar

so $160000 +$320000 +$480000 = $0.98 million

the amount of 8% = the amount of 6% + the amount of 7%

$480000 = $160000 +$320000

$480000 = $480000

(true)

interest for 160000 is 6% =160000*6/100 = 9600

interest for 320000 is =22400

interest for 48000 is =38400

so add all the value = 9600 +22400 +38400 = $70400

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