Investment problems such as those in Exercises 75–80 can be solved by using a method similar to the one explained in Example 2, along with the simple-interest formula I = PRT.Solve each problem. Let T = 1year for each exercise.
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.
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