Real Estate Financing Cody Westmoreland wishes to sell a piece of property for $240,000. He wants the money to be paid off in two ways—a short-term note at 2% interest and a long-term note at 2.5%. Find the amount of each note if the total annual interest paid is $5500.
| NoteAmount | InterestRate (%) | Time(in years) | InterestPaid |
| x | 2 | 1 | x(0.02)(1) |
| 240,000 - x | 2.5 | 1 | (240,000-x)(0.025)(1) |
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