Mark borrowed $5,500 at 11.5 percent for 5 years (2.199) what is the amount of marks total payment?

The amount of Mark's Total payment is $9478.15.

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 :

Using compound interest formula,

Where A is the amount, 

P is the principle P=5,500  

r is the rate r=11.5%=0.115

t is the time t= 5 years

Substitute the value,

Therefore, The amount of Mark's Total payment is $9478.15.

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step-by-step explanation: