Question

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 1

The interest on the loan is calculated using the formula I = P * r * t, where I is the interest, P is the initial amount borrowed, r is the interest rate, and t is the time in years. For this loan, the interest is 10,000 * 0.02 * 3 = $<<10000*0.02*3=600>>600.
Thus, Stephen repaid a total of 10,000 + 600 = $<<10000+600=10600>>10,600. Answer: \boxed{10600}.