Risa loaned Abi $50 for a month. She charged 5% weekly simple interest for the month. How much did Abi have to pay Risa?

Question

Risa loaned Abi $50 for a month. She charged 5% weekly simple interest for the month. How much did Abi have to pay Risa?

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Nho 2 days 2023-01-17T11:11:33+00:00 1 Answer 0 views 0

Answer ( 1 )

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    2023-01-17T11:12:40+00:00

    p = 50
    r = 5% or 0.05
    t = 1/12
    Formula = p(1+rt)
    = 50(1+(0.05)(1/12)
    = 50(1.0004166667)
    = 50.21

    For the month, abi has to pay risa $50.21

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