Steven 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 Steven pay his Uncle back in total?
The total interest paid is $10,000 x 0.02 x 3= $<<10000*0.02*3=600>>600.
Thus, Steven paid his Uncle back $10,000 + $600 = $<<10000+600=10600>>10,600. Answer: \boxed{10600}.
To calculate the total amount of money Steven paid his uncle back, we need to calculate the interest first. The formula for simple interest is:
Interest = Principal x Rate x Time
where:
Principal = $10,000 (the amount borrowed)
Rate = 2% (expressed as a decimal, so 2% = 0.02)
Time = 3 years
Let's calculate the interest:
Interest = $10,000 x 0.02 x 3
Interest = $200
Now, to find the total amount paid back, we add the interest to the principal:
Total payment = Principal + Interest
Total payment = $10,000 + $200
Total payment = $10,200
Therefore, Steven paid his Uncle back a total of $10,200.