Asked by megan
A mortgage broker purchased two trust deeds for a total of $290,000. One trust deed earns 9% simple annual interest, and the second one earns 12% simple annual interest. If the total annual interest from the two trust deeds is $31,500, what was the purchase price of each trust deed?
Answers
Answered by
Henry
$X @ 9%, $Y @ 12%.
Eq1: X + Y = $290,000.
Eq2: 0.09x + 0.12y = $31,500.
Multiply both sides of Eq1 by 0.12 and subtract Eq2 from Eq1.
Eq1: X + Y = $290,000.
Eq2: 0.09x + 0.12y = $31,500.
Multiply both sides of Eq1 by 0.12 and subtract Eq2 from Eq1.
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