Question

ralph chase plans to sell a piece of property for ​$170000. he wants the money to be paid off in two ways−a ​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 ​$16300.

Answer 1

Let x represent the main amount at 11% and by 8% = 170000 - x

Simple interest is equal to principle amount rate time 100

16300=x*11*1/100+

(170000-x)*8*1/100

x=90,000

170000-x= 80,000.

       Simple Interest: What Is It?

• Simple interest is a quick and simple formula for figuring out how much interest will be charged on a loan. Simple interest is determined by multiplying the daily interest rate by the principle by the number of days that elapse between payments.

To learn more about simple interest visit:brainly.com/question/18860244

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