Answer:
Robert will have paid back $10,200 in 10 years.
Step-by-step explanation:
Since Roberts loan is a simple interest rate and NOT compounded we can calculate the total amount he will have paid at the end of the 10 years with the following formula.
[tex]P= L + ((L*R)*Y)[/tex]
Where P is final Payment , L is initial loan, R is interest rate as a decimal, and Y is the amount of years in which Robert will pay off his loan. Since we have all the information above we can just plug it into the formula.
[tex]P = 6000 + ((6000*0.07)*10)[/tex]
[tex]P = 6000+(420*10)[/tex]
[tex]P = 6000+4200[/tex]
[tex]P = 10,200[/tex]
So Robert will have paid back $10,200 in 10 years.
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