GMAT Club Forumhttps://gmatclub.com:443/forum/ Lynn lent Robert $10,000 at 6 percent simple annual interest to be rephttps://gmatclub.com/forum/lynn-lent-robert-10-000-at-6-percent-simple-annual-interest-to-be-rep-239999.html Page 1 of 1  Author: Kritesh [ 11 May 2017, 10:33 ] Post subject: Lynn lent Robert$10,000 at 6 percent simple annual interest to be rep 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.$10,180B. $10,190C.$10,600D. $11,800E.$11,910

 Author: anugrahs [ 11 May 2017, 10:45 ] Post subject: Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep A very easy Simple interest problem.I = (P*N*R)/100whereP = principalN = time (in years)R = rateSo in this case I = (10000*3*6)/100 = 1800Thus total amount to be paid = Principal + Interest = 10000 + 1800 = 11800Thus DRegardsAnugrah  Author: Abhishek009 [ 11 May 2017, 11:31 ] Post subject: Re: Lynn lent Robert$10,000 at 6 percent simple annual interest to be rep 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.$10,180B. $10,190C.$10,600D. $11,800E.$11,910_____________________________________________________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  Author: sashiim20 [ 12 May 2017, 02:37 ] Post subject: Re: Lynn lent Robert$10,000 at 6 percent simple annual interest to be rep 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 = 1800Total amount = 10000 +1800 = 11800 .... Answer D_________________Kindly press "+1 Kudos" to appreciate  Author: generis [ 20 Aug 2018, 11:56 ] Post subject: Lynn lent Robert$10,000 at 6 percent simple annual interest to be rep 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.$10,180B. $10,190C.$10,600D. $11,800E.$11,910The 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 owedEND 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) = $1,800After 3 yearsPrincipal owed + interest owed = ($10,000 + $1,800) =$11,800Answer D

 Author: ScottTargetTestPrep [ 23 Aug 2018, 15:37 ] Post subject: Re: Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep 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. $10,180B.$10,190C. $10,600D.$11,800E. $11,910Interest owed was:10,000 x 0.06 x 3 =$1,800So a total of 10,000 +1,800 = $11,800 was to be paid back.Answer: D  Author: Hovkial [ 02 Oct 2020, 07:29 ] Post subject: Lynn lent Robert$10,000 at 6 percent simple annual interest to be rep 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)  Author: bumpbot [ 15 Jun 2022, 10:11 ] Post subject: Re: Lynn lent Robert$10,000 at 6 percent simple annual interest to be rep Hello from the GMAT Club BumpBot!Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.

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