SOLUTION: Joshua borrowed $1000 from his friend and paid him back $1050 in six months what simple annual interest did Joshua pay his friend?

Question 1133280: Joshua borrowed $1000 from his friend and paid him back $1050 in six months what simple annual interest did Joshua pay his friend?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Joshua borrowed $1000 from his friend and paid him back $1050 in six months what simple annual interest did Joshua pay his friend?
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(1050 - 1000) = $50 interest
50/1000 = 5% per 1/2 year
--> 10% per year
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His "friend" is a shylock.

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