Joshua borrowed $1000 from his friend and paid him back $1050 in six months. WHat simple annual interest did Joshua pay his friend? (Hints: subtract to find the interest paid and convert 6 months into years for the formula).

Joshua borrowed $1000 from his friend and paid him back $1050 in six months. WHat simple annual interest did Joshua pay his friend? (Hints: subtract to find the interest paid and convert 6 months into years for the formula).

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.50TI: Susana invested a principal of $36,000 in her bank account that earned simple interest at an...

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Question

Joshua borrowed $1000 from his friend and paid him back $1050 in six months. WHat simple annual interest did Joshua pay his friend? (Hints: subtract to find the interest paid and convert 6 months into years for the formula).

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