Cody wishes to sell a piece of property for 240000 He wants

Cody wishes to sell a piece of property for $240,000. He wants to be paid off in two ways- a short-term note at 2% interest and a long-term note at 2.5% interest. Find the amount of each note if the total annual interest paid of $5500.

Please explain

Solution

let $ x be invested at 2.0% and 240,000 - x is invested at 2.5%

Interest @ 2% = x*0.02*1

////////interest @ 2.5% = (240,000-x)*0.02*

x*0.02 + (240,000-x)*0.02 = $ 5500

solve for x