You borrow $2,000 for a period of 4 years. You are charged simple interest at a rate of 3%. How much will you repay at the end of 4 years?

Explain

4 answers

I = Prt

I = 2,000 * 0.03 * 4

I = 240

2,000 + 240 = ?
Oh wait, all I have to do is multiply all the numbers then add the money with the answer I got when I multiplied?
Yes, you owe the principal of 2,000 plus the total interest which is 240
so the answer is 2.240