Chapter 1 - Equations and Inequalities - 1.2 Applications and Modeling with Linear Equations - 1.2 Exercises - Page 103: 35

short-term note $\$100,000$, long-term note $\$140,000$

Step 1. Use the conditions given, we have the total interests as $x(0.02)(1)+(240,000-x)(0.025)(1)=5500$ Step 2. Solve the above equation: $0.02x-0.025x+6000=5500$ or $0.005x=500$ which gives $x=100,000$ Step 3. The amount for the long-term note can be found as $240,000-x=140,000$ Step 4. Conclusion: amounts for short-term note $\$100,000$, for the long-term note $\$140,000$