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Joshua borrowed $1000 from his friend and paid him back 1050 in six months. what simple annual intrest did joshua pay his friend? please help me im working on simple intrest

Joshua borrowed $1000 from his friend and paid him back 1050 in six months. what simple annual intrest did joshua pay his friend? please help me im working on simple intrest
11.1k views
4 votes
Joshua borrowed $1000 from his friend and paid him back 1050 in six months. what simple annual intrest did joshua pay his friend? please help me im working on simple intrest

Joshua borrowed $1000 from his friend and paid him back 1050 in six months. what simple-example-1
User Frank Hileman
by
7.9k points

2 Answers

1 vote
1050=1000(1+6/12 r)
Solve for r
r=0.10*100=10%
User Ale Sequeira
by
7.3k points
2 votes
the answer is $1000 eso es lo que pagan por months
User Doug Hughes
by
7.6k points
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