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!
If 2 gallons of oil are used a day, than he will need 60 gallons of oil, because 30x2=60. For 60 gallons of oil, you would have to have 12 drums because 60÷5=12. Because there is already 8 drums of oil, there would already be 40 gallons because 8x5=40. If the owner already had 40 gallons of oil, they would only have to get 20 more gallons because 60-40=20. That would be 4 drums because 20÷5=4. The owner would have to order 4 more drums of oil.
×=4 since you divide 3 and 12 by 3
So it would be 13-16 (4×4)
Your answer is -3
