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Tong loaned Jody $50 for a month. He charged 5% simple interest for the month. How much did Jody have to pay Tong?

Tong loaned Jody $50 for a month. He charged 5% simple interest for the month. How much did Jody have to pay Tong?
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Tong loaned Jody $50 for a month. He charged 5% simple interest for the month. How much did Jody have to pay Tong?

User Cero
by
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1 Answer

6 votes

Answer:

$50(1.05) = $52.50

Jody had to pay $52.50 to Tong for the month.

User Knighter
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