contestada

Ralph Chase plans to sell a piece of property for 175000. He wants the money to be paid off in two ways - a short term note at 12% interest and a long term note at 9% interest. Find the amount of each know if the total annual interest paid is 18600

Ralph Chase plans to sell a piece of property for 175000 He wants the money to be paid off in two ways a short term note at 12 interest and a long term note at class=

Respuesta :

Answer:

Short term interest on 12% will be: 21000

Long term interest on 9% will be: 15750

Step-by-step explanation:

Find % for both terms

First: what is 12% of 175000?

Y is 12% of 175000

Equation: Y = P% × X (Y = P% multiply by X)

Solving our equation for Y

Y = P% × X

Y = 12% × 175000

Converting percent to decimal:

p = 12%/100 = 0.12

Y = 0.12 × 175000

Y = 21000

Now

What is 9% of 175000?

Y is 9% of 175000

Equation: Y = P% × X

Solving our equation for Y

Y = P% × X

Y = 9% × 175000

Converting percent to decimal:

p = 9%/100 = 0.09

Y = 0.09 × 175000

Y = 15750

At the end: find if total annual interest paid is 18600

So,

18600 is how much % of 175000 =10.63%

Otras preguntas