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.
<pre>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 {{{highlight_green(matrix(1,5, E, "=", "2,100"/.03, "=", "$70,000"))}}}
DO you think you can now find the amount invested at 8%?