Solve each problem.

Real Estate Financing Cody 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 2% interest and a long-term note at 2.5%. Find the amount of each note if the total annual interest paid is $5500.

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Interest Paid Interest Note Amount Time Rate (%) | (in years) x(0.02)(1) (240,000 – x)(0.025)(1) 2.5 1 240,000 – x