Respuesta :
Answer:
Payment that Mark pay is $ 8662.5
Step-by-step 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
[tex]SI=\frac{P\times R\times T}{100}[/tex]
[tex]SI=\frac{5500\times11.5\times5}{100}[/tex]
[tex]SI=3162.5[/tex]
A = SI + P = 3162.5 + 5500 = 8662.5
Therefore, Payment that Mark pay is $ 8662.5
