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Mark borrowed $5,500 at 11.5 percent for five years. What is the amount of Mark's total payment? $8,520 $8,160 $7,410 $7,257

Mark borrowed $5,500 at 11.5 percent for five years. What is the amount of Mark's total payment? $8,520 $8,160 $7,410 $7,257
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5 votes
Mark borrowed $5,500 at 11.5 percent for five years. What is the amount of Mark's total payment? $8,520 $8,160 $7,410 $7,257

asked
User MosGeo
by
7.9k points

1 Answer

4 votes

Answer:

7,257

Explanation:

use the formula of: M = amount/discount factor

answered
User Vivin K
by
8.8k points
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