$85000 was paid at a short term note at 10% interest while $75000 was paid at a long term note at 7% interest.
An equation is an expression that shows the relationship between two or more variables and numbers.
Let x represent the amount of fund at 10% and y represent the amount of fund at 7% interest, hence:
x + y = 160000 (1)
Also:
0.1x + 0.07y = 13750 (2)
From both equations:
x = 85000 and y = 75000
$85000 was paid at a short term note at 10% interest while $75000 was paid at a long term note at 7% interest.
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