Mark borrowed $5,500 at 11.5% interest for 5 years what is his monthly payment
2 answers:
Marks monthly payment would be $1,226.50 monthly. If mark is borrowing $5,500 plus a 11.5% interest he be paying $1,226.50
See the formula of the present value of annuity ordinary through Google
Solve for payments
PMT=5,500÷(((1−(1+0.115÷12)^(−12×5))÷(0.115÷12)))=120.96
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