Mark borrowed $5,500 at 11.5 percent for five years. what is the amount of mark's total payment?

The amount of Mark's Total payment is $7256.91.

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 :

First we find the monthly payment,

Formula of monthly payment

Discount factor

Where, Amount = $5500

Rate r= 11.5%=0.115

Time = 5 years  

Now, put all the values we get,

Monthly payment,

Monthly payment is $120.948

The amount is

Therefore, The amount of Mark's Total payment is $7256.91.

Mark's total payment is $7,257

Step-by-step explanation: