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

The simple annual interest did Joshua pay his friend is 10%.

Given that,

Based on the above information, the calculation is as follows:

Therefore we can conclude that the simple annual interest did Joshua pay his friend is 10%.

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Joshua paid his friend 10% simple interest

Step-by-step explanation:

Simple Interest

Unlike compound interest where the interest earned in the compounding periods is added to the new principal, simple interest only considers the principal to calculate the interest.

The interest earned is calculated as follows:

I=P.r.t

Where:

I=Interest

P=initial principal balance

r=interest rate

t=time

The final amount is calculated as:

A = P + I

A = P + Prt

A = P(1 + rt)

Joshua borrowed P=$1000 from his friend and paid him back A=$1050 in t=6 months = 6/12 = 0.5 years.

To find the annual interest rate, we solve for r:

Converting to percentage

r = 0.1*100 = 10%

Joshua paid his friend 10% simple interest

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