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22 November, 22:04

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

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  1. 23 November, 00:48
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    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. 23 November, 00:52
    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
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