SOLUTION: Ralph Chase plans to sell a peice of property for $145000. He wants the money to be paid off in two ways-a short term note at 9% interest and a long term note at a 7% interest. Fin

Question 1015902: Ralph Chase plans to sell a peice of property for $145000. He wants the money to be paid off in two ways-a short term note at 9% interest and a long term note at a 7% interest. Find the amount of each note if the total annual interest paid is $11650
Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
Let m be the amount at 9%, n be the amount at 7%. Then
m+n=145000
.09m+.07n=11650
So:
.09m+.07n=11650
.07m+.07n=10150
.02m=1500
m=$75000
n=$70000 ☺☺☺☺
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