SOLUTION: A friend lends you $200 for a week, which you agree to repay with 5% one-time interest. How much will you have to repay (including the principal)?

Question 1153018: A friend lends you $200 for a week, which you agree to repay with 5% one-time interest. How much will you have to repay (including the principal)?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!

interest = 5% of 200
interest = (5/100)*200
interest = 0.05*200
interest = 10 dollars

You have to repay $10 in interest on top of the $200 loaned to you. In total, you have to pay back 200+10 = 210 dollars.

A shortcut is to multiply 200 by 1.05 to get 200*1.05 = 210. The 1.05 multiplier represents
100% + 5% = 1.00 + 0.05 = 1.05
In other words, this represents a 5% increase.

Answer: 210 dollars

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