Answer:
m = 4
Step-by-step explanation:
Use the formula of the present value of an annuity ordinary which is
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv present value 5500
PMT monthly payment?
R interest rate 0.115
K compounded monthly 12
N time 5years
Solve the formula for PMT
PMT=Pv÷ [(1-(1+r/k)^(-kn))÷(r/k)]
PMT=5,500÷((1−(1+0.115÷12)^(
−12×5))÷(0.115÷12))
=120.95
So the answer is C
Hope it helps!
I’m not sure if this is correct but the answer would be 8.75 well that’s what I got hope this helps and if it dead pls give me a thanks
Fist break up each number in the hundreds column add the tens and the ones then add the hundreds to the previous answer
I want more points next time....Hehehee!
<h2>
<u>______________________</u></h2>
<em>Solution in attachments!</em>
