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Sever21 [200]
2 years ago
15

ASAP I NEED IT INTHE MORNING!!!! THANK YOUUU

Mathematics
1 answer:
Leya [2.2K]2 years ago
6 0

Answer:

.................................

Step-by-step explanation:

O

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Mark borrowed $5,500 at 11.5 percent for five years. What is his monthly payment?
olya-2409 [2.1K]
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!
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Step-by-step explanation:

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