How much did you borrow at 17%

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Question: To obtain the necessary funds for an expansion, a small company took out three loans that totaled $32,000. The company was able to request a loan at 16%, requested another loan at 20% and a third loan for the rest at 17%. The second loan, at 20%, was $2,000 more than half the first loan, at 16%. The annual interest was $5510. How much did you borrow at 17%?

Reference no: EM133369015

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