Questions: Hea will pay a simple interest rate of 1 (Aluns to the nearest whole number as needed.)

Transcript text: Hea will pay a simple interest rate of $\square$ 1 (Aluns to the nearest whole number as needed.)

Solution

Solution Steps

Step 1: Identify Given Values

We are given the following values for the calculation of the simple interest rate:

Interest $ I = 1 $
Principal $ P = 100 $
Time $ t = 1 $

Step 2: Calculate the Interest Rate

Using the formula for simple interest, we rearrange it to find the interest rate $ r $: \[ r = \frac{I}{P \cdot t} \] Substituting the given values: \[ r = \frac{1}{100 \cdot 1} = 0.01 \]

Step 3: Convert to Percentage

To express the interest rate as a percentage, we multiply by 100: \[ \text{Interest Rate Percentage} = r \cdot 100 = 0.01 \cdot 100 = 1.0 \]

Step 4: Round to Nearest Whole Number

Rounding $ 1.0 $ to the nearest whole number gives us: \[ \text{Rounded Interest Rate} = 1 \]

Final Answer

The simple interest rate paid is \$\boxed{1}\$.

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