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Dovator [93]
3 years ago
15

Mark Borrowed $5,500 at 11.5 percent for 5 years (2.199) what is the amount of Marks total payment?

Mathematics
2 answers:
11Alexandr11 [23.1K]3 years ago
7 0

Answer:

The amount of Mark's Total payment is $9478.15.

Step-by-step explanation:

Given : Mark borrowed $5,500 at 11.5 percent for five years.

To find : What is the amount of Mark's total payment?          

Solution :

Using compound interest formula,

A=P(1+r)^t

Where A is the amount, 

P is the principle P=5,500  

r is the rate r=11.5%=0.115

t is the time t= 5 years

Substitute the value,

A=P(1+r)^t

A=5500(1+0.115)^5

A=5500(1.115)^5

A=5500(1.7233)

A=9478.15

Therefore, The amount of Mark's Total payment is $9478.15.

Airida [17]3 years ago
4 0
Let I am interest, r rate, t time and p principle,

l= prt

l= 5500(.115)(5 )= $3162.5 is the total amount of interest to pay.


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