Question

24. A friend lends you $190 for a week, which you agree to repay with 5% one-time interest. How much will you have to repay, including the amount you borrowed? Round your answer to two decimal places if necessary.

Answer 1

Givens.

• The amount borrowed is $190.

,

• The one-time interest is 5%.

First, divide 5% by 100% to express the percentage as a decimal number.

`(5)/(100)=0.05`

Second, multiply 0.05 by $190 to find the 5% of $190.

`0.05*190=9.50`

Once we have the 5% of the borrowed amount, we add it.

`190+9.50=199.50`

Therefore, the amount of money you have to pay back is $199.50.