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

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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.


User Peopleware
by
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4 votes

Answer:

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

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.

User Ndim
by
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