SOLUTION: ralph Chase plans to sell a piece of property for ​$135000. He wants the money to be paid off in two way - ​short-term note at 11​% interest and a​ long-term note at 8​%

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Question 1159899: ralph Chase plans to sell a piece of property for ​$135000. He wants the money to be paid off in two way - ​short-term note at 11​% interest and a​ long-term note at 8​% interest. Find the amount of each note if the total annual interest paid is ​$12900.
Found 3 solutions by mananth, MathTherapy, ikleyn:
Answer by mananth(16946)   (Show Source): You can put this solution on YOUR website!
ralph Chase plans to sell a piece of property for ​$135000.
​short-term note at 11​% interest. Let the amount be x
and a​ long-term note at 8​% interest, and this amount be y
x+y =135000--------------(1)
total annual interest paid is ​$12900.
11%x + 8%y = 12900
multiply by 100
11x+8y = 1290000--------------(2)
x Amount @11% 0.11
y Amount @ 8% 0.08


x + y = 135000.00


11.00 x + 8.00 y = 1290000.00 .............2
Eliminate y
multiply (1)by -8.00
Multiply (2) by 1.00
-8.00 x -8.00 y = -1080000.00
11.00 x 8.00 y = 1290000.00
Add the two equations
3.00 x = 210000.00
/ 3.00
x = 70000.00
plug value of x in (1)
1.00 x + 1.00 y = 135000.00
70000.00 + 1.00 y = 135000.00
1.00 y = 65000.00
y = 65000.00
Ans x = 70000.00
y = 65000.00
70000.00 Amount @11%
65000.00 Amount @ 8%

Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

ralph Chase plans to sell a piece of property for ​$135000. He wants the money to be paid off in two way - ​short-term note at 11​% interest and a​ long-term note at 8​% interest. Find the amount of each note if the total annual interest paid is ​$12900.
Let amount invested at 11%, be E

Then amount invested at 8% is, 135,000 - E

We then get the following INTEREST equation: .11E + .08(135,000 - E) = 12,900

.11E + 10,800 - .08E = 12,900

.03E = 2,100

Amount invested at 11%, or 

DO you think you can now find the amount invested at 8%? 

Answer by ikleyn(52797)   (Show Source): You can put this solution on YOUR website!
 .





How this problem is formulated in the post, makes me laughing.





From one side, Mr. Chase only plans to sell a piece of property.





From the other side, he just have the total annual interest paid.





It is the style of a former English teacher, who has no experience formulating Math problems.





Terrible unprofessional style . . . 







 

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