Answer:
$2560
Explanation:
Using the simple interest formula, we can determine how much you would ultimately pay back after borrowing $1600 for 6 years at a 10% interest rate:
Principal * Rate * Time equals simple interest.
Where Principal is $1600, Rate is 10%, and Time is 6 years (6 years = 6/1 = 6 in decimal form).
$1600 multiplied by 10% multiplied by six equals simple interest.
$960 after simple interest
As a result, the total amount you will repay consists of the principal loan amount plus interest:
Principal plus interest is the total.
Total = $1600 + $960
Total = $2560
As a result, after borrowing $1600 for 6 years at a 10% interest rate, you will have to pay back a total of $2560.
Hope it helps! :)