Ralph chase plans to sell a piece of property for $165000. He wants the money to be paid off in two ways- a short term note at 11% and a long term note at 9% interest find the amount of each note if the total annual interest paid is 16650

Answer:The Principal amount for 9 % is $ 75,000  And The Principal amount for 11 % is $ 90,000   .Step-by-step explanation:Given as :The principal amount = $165000Total interest paid = SI =  $16650The two rate of interest are 9% and 11% The Time period of loan = 1 yearLet The Principal for 9% = $ xAnd The Principal for 11% = $ 165000 - $xFrom Simple Interest methodSimple Interest = [tex]\dfrac{\textrm Principal\times \textrm Rate\times \textrm Time}{100}[/tex]Or, 16650 = [tex]\dfrac{\textrm x\times \textrm 9\times \textrm 1}{100}[/tex] + [tex]\dfrac{\textrm (165000 - x)\times \textrm 11\times \textrm 1}{100}[/tex]Or, 16650 = [tex]\frac{9 x}{100}[/tex] + [tex]\frac{(165000- x) 11}{100}[/tex]Or, 16650×100 = 9 x + 1815000 - 11 xOr, 11 x - 9 x = 1815000 - 1665000Or , 2 x = 150,000∴ x = [tex]\frac{150000}{2}[/tex] = $ 75,000 And $ 165000 - $ 75000 = $ 90,000Hence The Principal amount for 9 % is $ 75,000  And The Principal amount for 11 % is $ 90,000   . Answer