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

Question

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

anugrahs · Answer

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

Regards
Anugrah

Abhishek009 · Answer

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

sashiim20 · Answer

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

_____________________________________________________
If you appreciate the question then please click +1Kudos

generis · Answer

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

ScottTargetTestPrep · Answer

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

Hovkial · Answer

On $100, Robert would pay an interest amount of (6/100)*100 in one year = $6.

On $10,000, Robert would pay an interest amount of $6*(10,000/100) in one year = $600.

On a sum of $10,000, in three years Robert would pay an interest amount of $600*3 = $1800.

Therefore, total amount to be paid by Robert = Initial sum + Total interest amount = $10,000 + $1800 =  $11,800 .

ANSWER: (D)

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

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