Question

1) A museum borrows $2,000,000 at simple annual interest to purchase new exhibits. Let x represent the amount borrowed at 7%, y represent the amount borrowed at 8.5%, and z represent the amount borrowed at 9.5%. Set up a system of linear equations to determine how much is borrowed at each rate given that the total annual interest is $169,750 and the amount borrowed at 8.5% is four times the amount borrowed at 9.5%. Then write the system in matrix form. You do not have to solve the system.

Answer 1

Based on the information the amount borrowed at each rate is:

• Z=9.5%=$350,000

• Y= 8.5%=$1,400,000

• X=7% =$250,000

Let x=9.5%  

Let 4x= 8.5%  

Let 7% =$2,000,000 - 5x

Formulate

0.095x + 0.085(4x) + 0.07(2,000,000-5x) = 169,750

Collect like terms

0.095x + 0.34x + 140,000 - 0.35x = 169,750

Divide both side by 0.085x

0.085x = 29,750

x=29,750/0.085

x =$350,000

Amount borrowed at each rate:

Z=9.5% =$350,000

Y= 8.5% =$350,000×4

Y= 8.5% =$1,400,000

X=7% =$2,000,000 - 5($350,000)

X=7%=$2,000,000-$1,750,000

X=7% =$250,000

Matrix form

Z $350,000

Y $1,400,000

X $250,000

Inconclusion the amount borrowed at each rate is: $350,000; $1,400,000; $250,000.

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