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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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If you appreciate the post then please click +1Kudos 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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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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If you appreciate the question then please click +1Kudos $$Amount = Principal + Simple \ Interest$$

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 _________________ Thanks and Regards Abhishek.... PLEASE FOLLOW THE RULES FOR POSTING IN QA AND VA FORUM AND USE SEARCH FUNCTION BEFORE POSTING NEW QUESTIONS How to use Search Function in GMAT Club | Rules for Posting in QA forum | Writing Mathematical Formulas |Rules for Posting in VA forum | Request Expert's Reply ( VA Forum Only ) Director  V Joined: 04 Dec 2015 Posts: 742 Location: India Concentration: Technology, Strategy WE: Information Technology (Consulting) Re: Lynn lent Robert$10,000 at 6 percent simple annual interest to be rep  [#permalink]

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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? simple interest = $$\frac{10000 * 6 * 3}{100}$$ simple interest = 1800 Total amount = 10000 +1800 = 11800 .... Answer D _________________ Kindly press "+1 Kudos" to appreciate Senior SC Moderator V Joined: 22 May 2016 Posts: 3581 Lynn lent Robert$10,000 at 6 percent simple annual interest to be rep  [#permalink]

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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

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Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep [#permalink] Show Tags 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 _________________ Scott Woodbury-Stewart Founder and CEO Scott@TargetTestPrep.com See why Target Test Prep is the top rated GMAT quant course on GMAT Club. Read Our Reviews If you find one of my posts helpful, please take a moment to click on the "Kudos" button. 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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