Stephen borrows $10,000 from his uncle at a simple interest rate of 2%. He repays the loan in full after 3 years. How much money did Stephen pay his uncle back in total?
The interest on the loan is calculated using the formula I = P * r * t, where I is the interest, P is the initial amount borrowed, r is the interest rate, and t is the time in years. For this loan, the interest is 10,000 * 0.02 * 3 = $<<10000*0.02*3=600>>600.
Thus, Stephen repaid a total of 10,000 + 600 = $<<10000+600=10600>>10,600. Answer: \boxed{10600}.
To calculate the total amount Stephen paid his uncle back, we need to consider the interest accrued over the 3 years.
First, we calculate the amount of interest Stephen needs to pay. The formula for simple interest is:
Interest = Principal × Rate × Time
In this case, the principal (amount borrowed) is $10,000, the rate is 2% (or 0.02 as a decimal), and the time is 3 years.
Interest = $10,000 × 0.02 × 3 = $600
So, Stephen needs to pay $600 in interest over the 3-year period.
To find the total amount Stephen paid his uncle back:
Total Amount = Principal + Interest
Total Amount = $10,000 + $600 = $10,600
Therefore, Stephen paid his uncle back a total of $10,600.