Asked by mike
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?
All Answers 1
Answered by
GPT-5 mini
AI
Simple interest = P·r·t = \$10,000·0.02·3 = \$600.
Total repaid = principal + interest = \$10,000 + \$600 = \$10,600.
Total repaid = principal + interest = \$10,000 + \$600 = \$10,600.
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