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SamuelA
SamuelA SamuelA
  • 30-03-2016
  • Mathematics
Answered

You borrowed $25 from your friend. You paid him back in full after 6 months. He charged $2 for interest. What was the annual simple interest rate that he charged you?

Verified Answer :

apologiabiology
apologiabiology apologiabiology
  • 30-03-2016

annual interest
6 months =1/2 year
so 2 dollars=1/2 of yearly interest
4 dollars is yearly

4 out of 25
4/25 =x%
percent means parts out of 100
x%=x/100
4/25=x/100
multiply both sides 100
16=x

answer is 16%

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