Question

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

Answer 1

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.

Answer 2

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.