Ralph chase plans to sell a piece of property for $17. he wants the money to be paid off in two ways monica 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 $13700.

amount paid at a rate of 9% = 90000

amount paid at a rate of 7% = 170000-90000=80000

Explanation:

We have given total amount = $170000

Let amount paid at rate of 9% is x

Then amount paid at a rate of 7% = 170000-x

We know that sum of individual interest will be equal to total interest

So

So amount paid at a rate of 9% = 90000

And amount paid at a rate of 7% = 170000-90000=80000

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