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2 years ago

12

Ralph Chase plans to sell a piece of property for 175000. He wants the money to be paid off in two ways - a short term note at 1

1% interest and a long term note at 9% interest. Find the amount of each know if the total annual interest paid is 17650

1 answer:

AleksAgata [21]2 years ago

5 0

.11x+.08(180000-x)=17400
.11x+14400-.08x=17400
.03x=3000
x=$100,000 at 11%
$80,000 at 8%

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Previous concepts

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