Question

Mark borrowed $5500 at 11.5 percent for five years. What is the amount of marks total payment?

Answer 1

25

Explanation:

calculator

Answer 2

Payment that Mark pay is $ 8662.5

Explanation:

we are given with ,

Principal value, P = $ 5500

Rate , R = 11.5 %

Time , T = 5 years

We have to find total amount of payment.

Since we are not given is rate are applied composedly or not.

So we calculate it by Simple Interest.

Formula of Simple interest is given by

`SI=(P* R* T)/(100)`

`SI=(5500*11.5*5)/(100)`

`SI=3162.5`

A = SI + P = 3162.5 + 5500 = 8662.5

Therefore, Payment that Mark pay is $ 8662.5