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
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?
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