Problema Solution
Ralph chase plans to sell a piece of property for 145000. He wants the money paid off in two ways a short-term note at 10% interest and a long-term note at 8% interest. Find the amount of each note if the total annual interest paid is 13100
Answer provided by our tutors
let
x = the money paid of as a short-term note at 10% interest
y = the money paid of as a long-term note at 8% interest
Ralph chase plans to sell a piece of property for 145000:
x + y = 145,000
the total annual interest paid is 13100:
0.10x + 0.08y = 13100
by solving the system of equations:
x + y = 145000
0.10x + 0.08y = 13100
we find:
x = $75,000
y = $70,000
click here to see the step by step solution of the system of equations:
$75,000 were paid off as a short-term note at 10% interest.
$70,000 were paid off as a long-term note at 8% interest.