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,
[tex]A=P(1+r)^t[/tex]
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,
[tex]A=P(1+r)^t[/tex]
[tex]A=5500(1+0.115)^5[/tex]
[tex]A=5500(1.115)^5[/tex]
[tex]A=5500(1.7233)[/tex]
[tex]A=9478.15[/tex]
Therefore, The amount of Mark's Total payment is $9478.15.
