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Answer :
The 5% of $50 is $2.50 thus Jodi has to pay Tong $52.5 with the given interest rate.
What is the percentage?
The percentage is defined as a given amount in every hundred. It is a fraction with 100 as the denominator percentage is represented by the one symbol %.
The percentage is also called the indicating hundredths. Thus, 2% is two-hundredth, which means 2%=2/100=0.02.
As per the given,
Tong loaned Jody $50 for a month he charges 5% simple interest for the month.
5% of $50 will be,
(5/100)50 = $2.50
Total amount = $50 + $2.50 = $52.50
Hence "The 5% of $50 is $2.50 thus Jodi has to pay Tong $52.5 with the given interest rate".
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