Solve the problem. See Example 4.
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 6% interest and a long-term note at 5%. Find the amount of each note if the total annual interest paid is $13,000.
EXAMPLE 4
SOLVING AN INVESTMENT PROBLEM
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