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

Mark paid $3,162.5 in interest.

Step-by-step explanation:

To answer this question you have to use the simple interest formula:

A= P( 1 + rt)

Where:

A = amount

P= principal

r= interest rate (in decimal form)

t= time

So, analyzing the information given:

A =?

P= $5500

r= 11.5% =0.115

t= five years

Mathematicaly speaking:

A= $5500 ( 1 + 0.115 x 5 years )

A= $5500 x 1.575

A=$8,662.5

Now, we simply have to subtract the rincipal to the amount,to obtain the interest paid.

$8,662.5 - $5500 = $3,162.5

In conclusion, mark paid $3,162.5 in interest.

Feel free to ask more if it´s necessary.

i got 10.28 but that rounds up to 10.3

the answer is 5/14.

hope this .