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 10% interest and a long-term note at 7% interest. Find the amount of each note if the total annual interest paid is $12050. P r t I Note Interest Time Interest Amount Rate (%) (in years) Paid x 10 1 x(0.10)(1) 140000 - x 7 1 (140000 - x)(0.07)(1) The amount of the 10% note is $ and the amount of the 7% note is $.

Name: 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 10 interest and a long term note at 7 interest find the amount of 98922
Uploaded: 2023-04-19T00:11:29-08:00
Duration: 3 min 30 s
Channel: Supreeta N
Description: 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 10 interest and a long term note at 7 interest find the amount of 98922

          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 10% interest and a long-term note at 7% interest. Find the amount of each note if the total annual interest paid is $12050.
P r t I
Note Interest Time Interest
Amount Rate (%) (in years) Paid
x 10 1 x(0.10)(1)
140000 - x 7 1 (140000 - x)(0.07)(1)
The amount of the 10% note is $ and the amount of the 7% note is $.

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 10 interest and a long term note at 7 interest find the amount of 98922

Added by Sandra C.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Supreeta N

04/19/2023

Step 1

The total property value is $140,000. So, the amount of the 7% note will be $140,000 - x. Step 2: Calculate the interest from the 10% note. Interest = Principal × Rate × Time For the 10% note: Principal = x Rate = 10% = 0.10 Time = 1 year (annual Show more…

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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 10% interest and a long-term note at 7% interest. Find the amount of each note if the total annual interest paid is $12050. P r t I Note Interest Time Interest Amount Rate (%) (in years) Paid x 10 1 x(0.10)(1) 140000 - x 7 1 (140000 - x)(0.07)(1) The amount of the 10% note is $ and the amount of the 7% note is $.