intrest=principle(rate)time

Question

Ralph Chase plans to sell a piece of property for $140000. He wants the money to be paid off in two ways−a short-term note at 9​% interest and a​ long-term note at 7​% interest. Find the amount of each note if the total annual interest paid is $11300.

Answer 1

Hi Sadie, I will get you started on this. You don't know the amount for each type of note, but you know that they must add up to 140000. So make the first one for x dollars and the second one 140000 - x dollars. Then write the interest for each one using your formula I = Prt and the two interests must add up to $11300. So the start of the equation would be: x(0.09)(1) + ...

See if you can do the rest. Tom S.