1.2.35 question ralph chase plans to sell a piece of property for $ 14 14. he wants the money to be paid off in two ways minus −a short-term note at 11 11% interest and a long-term note at 9 9% interest. find the amount of each note if the total annual interest paid is $ 14100 14100.

a). The amount of the short-term loan=$128,181.82

b). The amount of the long-term loan=$156,666.67

Explanation:

The total annual interest to be paid can be expressed as;

I=PRT

where;

I=annual interest

P=principal amount of the note

T=number of years

a). For the short-term note's case;

I=$14,100

P=unknown

R=11%

T=1 year

replacing;

14,100=P×(11/100)×1

0.11 P=14,100

P=14,100/0.11

P=128,181.82

The amount of the short-term loan=$128,181.82

b). For the long-term note's case;

I=$14,100

P=unknown

R=9%

T=1 year

replacing;

14,100=P×(9/100)×1

14,100=P×0.09

0.09 P=14,100

P=14,100/0.09

P=156,666.67

The amount of the long-term note=$156,666.67

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.