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Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep

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Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep  [#permalink]

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New post Updated on: 21 May 2017, 03:40
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Lynn lent Robert $10,000 at 6 percent simple annual interest to be repaid at the end of 3 years. What was the total amount that Robert had to pay to Lynn?


A. $10,180
B. $10,190
C. $10,600
D. $11,800
E. $11,910

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Originally posted by Kritesh on 11 May 2017, 11:33.
Last edited by Kritesh on 21 May 2017, 03:40, edited 1 time in total.
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Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep  [#permalink]

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New post 11 May 2017, 11:45
A very easy Simple interest problem.

I = (P*N*R)/100
where
P = principal
N = time (in years)
R = rate

So in this case I = (10000*3*6)/100 = 1800

Thus total amount to be paid = Principal + Interest
= 10000 + 1800 = 11800

Thus D

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Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep  [#permalink]

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New post 11 May 2017, 12:31
Kritesh wrote:
Lynn lent Robert $10,000 at 6 percent simple annual interest to be repaid at the end of 3 years. What was the total amount that Robert had to pay to Lynn?


A. $10,180
B. $10,190
C. $10,600
D. $11,800
E. $11,910

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\(Amount = Principal + Simple \ Interest\)

Or, \(Amount = 10,000 + (\frac{10,000*3*6}{100})\)

Or, \(Amount = 10,000 + 1,800\)

Or, \(Amount = 11,800\)

Thus, the correct answer must be (D) $ 11,800
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Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep  [#permalink]

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New post 12 May 2017, 03:37
Lynn lent Robert $10,000 at 6 percent simple annual interest to be repaid at the end of 3 years. What was the total amount that Robert had to pay to Lynn?

simple interest = \(\frac{10000 * 6 * 3}{100}\)
simple interest = 1800

Total amount = 10000 +1800 = 11800 .... Answer D

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Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep  [#permalink]

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New post 20 Aug 2018, 12:56
Kritesh wrote:
Lynn lent Robert $10,000 at 6 percent simple annual interest to be repaid at the end of 3 years. What was the total amount that Robert had to pay to Lynn?


A. $10,180
B. $10,190
C. $10,600
D. $11,800
E. $11,910

The simple interest AMOUNT owed each year is derived from the original principal alone and does not change.

Six percent of \($10,000 = $600\) each year
\((\frac{6}{100}*$10,000)=$600\)

Start: $10,000 owed
END of Year 1: assessment of $600 owed
(new running total: $10,600 owed)

END of Year 2: assessment of $600 owed
(new running total: $11,200 owed)

END of Year 3: assessment of $600 owed
(new running total: $11,800 owed)

OR: 6% of $10,000 = $600. That amount will be assessed at the end of each of three years.($600 * 3) = $1,800

After 3 years
Principal owed + interest owed = ($10,000 + $1,800) = $11,800

Answer D
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Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep  [#permalink]

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New post 23 Aug 2018, 16:37
Kritesh wrote:
Lynn lent Robert $10,000 at 6 percent simple annual interest to be repaid at the end of 3 years. What was the total amount that Robert had to pay to Lynn?


A. $10,180
B. $10,190
C. $10,600
D. $11,800
E. $11,910


Interest owed was:

10,000 x 0.06 x 3 = $1,800

So a total of 10,000 +1,800 = $11,800 was to be paid back.

Answer: D
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Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep   [#permalink] 23 Aug 2018, 16:37
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