SOLUTION: Ralph Chase plans to sell a piece of property for ​$155000. He wants the money to be paid off in two waysminus−a ​short-term note at 9​% interest and a̴
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Question 1044616: Ralph Chase plans to sell a piece of property for $155000. He wants the money to be paid off in two waysminus−a short-term note at 9% interest and a long-term note at 7% interest. Find the amount of each note if the total annual interest paid is $12450 Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! Let n be the amount paid off at 9%. Then:
.09n+.07(155000-n)=12450
.09n-.07n+10850=12450
.02n=1600
n=1600/.02=$80000 at 9%
155000-80000=$75000 at 7%. ☺☺☺☺
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