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6 January, 08:44

Mark borrowed $5500 at 11.5% for five years how much did Mark pay in interest

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  1. 6 January, 10:22
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    Let I be Interest, r to be the rate, p the principle and t be time:

    p = 5500

    r=.115

    t=5

    l = prt

    I = 5500 (.115) 5 = $3162.5
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