Step-by-step explanation:
50% interest annually.
that means he gets 50% interest of the invested capital every year.
and that means he gets 50% of $70 in one year.
70 = 100%
1% = 100%/100 = 70/100 = $0.70
50% = 1%×50 = 0.7 × 50 = $35
he will earn $35 interest in one year.
as you noticed: 50% simply means 1/2 (as 100% stands for the whole).
The answer of this functional mathematical equation problem happens to be 1/18
The formula for the amount of a monthly payment A on principal amount P at interest rate i loaned for t years is given by
... A = P(i/12)/(1 -(1 +i/12)^(-12t))
Filling in the given values, this is
... A = $204000(.05/12)/(1 -(1 +.05/12)^(-12·20)) ≈ $1346.31
She would ride for 1.6 hours