Question

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 11% interest and a long term note at 9% interest. Find the amount of each know if the total annual interest paid is 17650

Answer 1

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