Tong loan Jody $50 for a month he charge 5% simple interest for the month how much did Jodi have to pay tong
Mathematics · Middle School · Thu Feb 04 2021
Answered on
Given:
Principal amount ( P ) = $50
Interest rate ( r ) = 5% or 0.05 (divided by 100)
Term ( t ) = 1/12
Find the amount of Money that Jody will Pay Tong
Formula for Simple Interest
A = P ( 1 + rt )
A = Future Value
Solution:
Substitute the given values of r,t and P to the formula for simple interest.
A = P ( 1 + rt )
A = $50 ( 1 + (0.05)(1/12))
A = $50 ( 1.004166667 )
A = $50.21
Final answer:
Jody will Pay Tong $50.21.