Question: I could use some help with the following practice problem. I know I start with converting the simple hourly rate into a weekly rate, but

I could use some help with the following practice problem. I know I start with converting the simple hourly rate into a weekly rate, but then I'm not sure where to go from there.

The Bank offers very short-term loans to applicants with low credit ratings. They charge an interest rate of 1 eighth of a percent (1/8% or 0.125%) simple hourly rate.

a. If you borrow $100 from The Bank how much will you owe in one week?

b. If you borrow $100 from The Bank, how much will you owe in one month?

c. What annual rate is The Bank charging?

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