GMAT Club Forum https://gmatclub.com:443/forum/ 

Lynn lent Robert $10,000 at 6 percent simple annual interest to be rep https://gmatclub.com/forum/lynnlentrobert10000at6percentsimpleannualinteresttoberep239999.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. $10,180 B. $10,190 C. $10,600 D. $11,800 E. $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)/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 
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. $10,180 B. $10,190 C. $10,600 D. $11,800 E. $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 = 1800 Total 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. $10,180 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 
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. $10,180 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 
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. 
Page 1 of 1  All times are UTC  8 hours 
Powered by phpBB © phpBB Group http://www.phpbb.com/ 