irritatedanonym
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Stephen borrows $10,000 from his uncle at a simple interest rate of 2%. He repays the loan in full after 3 years. How much money did Stephen pay his uncle back in total?

Answer:______

Respuesta :

Simple Interest can be calculated by the formula I = [tex] \frac{P T R }{100} [/tex]

Where P= principal ,R= rate of interest and T = Time.

In the given question P=$10,000,R= 2% ,T= 3 years.

Substituting the values in the formula ,

[tex] I =\frac{10,000 x 2 x 3 }{100} =\frac{60000}{100} = 600 [/tex]

Total amount Stephen pays = 10,000+600= $10,600

abiolataiwo2015

The amount that Stephen pay his uncle back in total is $10,800.

Using this formula

A = P ( 1 + rt)

Where:

A=Amount=?

P = $10,000

r = 2% or 0.02

t = 3 years

 

Let plug in the formula

A = $10,000 ( 1 + (0.02)(3)  

A = $10,000 ( 1.06 )

A = $10,600

Inconclusion the amount that Stephen pay his uncle back in total is $10,800.

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https://brainly.com/question/3510080

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