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5 November, 14:36

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

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Answers (2)
  1. 5 November, 14:55
    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
  2. 5 November, 16:27
    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
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