Question

A teenager receives 50 for his birthday and his sister wants to borrow for 15 weeks. what simple interest rate should he charge her if he wants to get back 75$ put answer into percentage for and then round to nearest hundredth

Answer 1

To calculate the interest rate that the teenager should charge his sister, we can use the formula:

I = P * r * t

where I is the interest earned, P is the principal (the amount borrowed), r is the interest rate, and t is the time period.

We know that the teenager wants to earn $25 in interest ($75 - $50). We also know that the principal is $50 and the time period is 15 weeks. Plugging these values into the formula, we get:

25 = 50 * r * (15/52)

Solving for r, we get:

r = 13.04%

Therefore, the teenager should charge his sister a simple interest rate of 13.04%. Rounded to the nearest hundredth, this is 13.05%.

hope it helps you

Answer 2

We get approximately 86.96%. T herefore, the teenager should charge his sister an annual simple interest rate of approximately 86.96%.

Explanation: