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Alborosie
6 days ago
13

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:______
Mathematics
2 answers:
zzz [9K]6 days ago
7 0

The calculation of Simple Interest is done using the formula I = \frac{P T R }{100}

where P = principal, R = interest rate, and T = time.

In this case, P = $10,000, R = 2%, and T = 3 years.

By inserting the values into the equation,

I =\frac{10,000 x 2 x 3 }{100} =\frac{60000}{100} = 600

The total amount repaid by Stephen comes to 10,000+600 = $10,600

Leona [9.2K]6 days ago
5 0
2% of 10000 equals $200
3 years translates to $600
therefore stephen will pay back 10000 plus 600 which totals $10600
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Let T be (h, k). According to the problem:

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