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Sagot :
Answer:
Amount on 11% note = $106,666.67
Amount on 8% note = $43,333.33
Step-by-step explanation:
Let the amount for the short-term note at 11% interest be x.
Thus, the amount for the short-term note at 8% interest will be (150000 - x)
Now we are told that the total interest paid is $15,200.
Thus;
0.11x + 0.08(150000 - x) = 15200
0.11x + 12000 - 0.08x = 15200
Rearranging gives;
0.03x = 15200 - 12000
0.03x = 3200
x = 3200/0.03
x = $106666.67
Thus, amount for 8% note = $150000 - $106666.67 = $43,333.33
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