Answer: 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.
