A bank lent $1.2 million for the development of three new products, with one loan each at 6%, 7%,… 1 answer below »

A bank lent $1.2 million for the development of three new products, with one loan each at 6%, 7%, and 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 loans was $88,000. How much was lent at each rate?