Ralph Chase plans to sell a piece of property for $150000. He wants the money to be paid off in two waysminusa 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 $13700.

$85,000 and $65,000

Explanation:

Let us the short term note be X for 10%

And, the long term note for 8% is  ($150,000 - X)

Now the equation is

0.10X + 0.08 × ($150,000 - X) = $13,700

0.10X + 12,000 - 0.08X = $13,700

0.02X = $13,700 - $12,000

0.02X = $1,700

So, X = $85,000  

And, at 8% it would be

= $150,000 - $85,000

= $65,000

Hence, for 10% it is $85,000 and for 8% it is $65,000

$2.00 for three shots.

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