Ask Question
14 August, 18:48

Mark borrowed $5,500 at 11.5% interest for 5 years what is his monthly payment

+5
Answers (2)
  1. 14 August, 18:59
    0
    Marks monthly payment would be $1,226.50 monthly. If mark is borrowing $5,500 plus a 11.5% interest he be paying $1,226.50
  2. 14 August, 19:07
    0
    See the formula of the present value of annuity ordinary through Google

    Solve for payments

    PMT=5,500: (((1 - (1+0.115:12) ^ (-12*5)) : (0.115:12))) = 120.96
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Mark borrowed $5,500 at 11.5% interest for 5 years what is his monthly payment ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers