Given :
Price of property , P = $145000 .
Money paid off in two ways a short term note at 11% interest and a long term note at 8% interest.
Total interest , I = $13850 .
To Find :
The amount of each note .
Solution :
Let , x money is paid off in 11 % interest rate and ( 145000-x) in 8% interest rate.
Therefore , their sum of interest in mathematics is given by :
[tex]\dfrac{11x}{100}+\dfrac{8(145000-x)}{100}=13850\\\\11x+1160000-8x=1385000\\\\3x=225000\\\\x=\$75000[/tex]
Therefore , the amount of note is $75000 and $70000 for 11% and 8% interest rate respectively .
Hence , this is the required solution .
