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To obtain the necessary funds for an expansion, a small company took out three loans totaling $29,000. The company was able to request a loan
To obtain the necessary funds for an expansion, a small company took out three loans totaling $29,000. The company was able to request a loan at 16%, requested another loan at 20% and a third loan for the rest at 19%. The second loan, at 20%, was $1,000 more than half of the first loan, at 16%. The annual interest was $5070. How many borrowed at 20%
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