Investment problems such as those in Exercises can be solved by using a method simi...

Investment problems such as those in Exercises can be solved by using a method similar to the one explained in Example 2, along with the simple-interest formula I = PRT, where I is the interest earned, P is the initial amount of money deposited, R is the annual interest rate as a decimal, and T is the time the money is deposited in years. Solve each problem. Let T = 1 year 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.