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?

Question

Explain

Answer 1

I = Prt

I = 2,000 * 0.03 * 4

I = 240

2,000 + 240 = ?

Answer 2

Oh wait, all I have to do is multiply all the numbers then add the money with the answer I got when I multiplied?

Answer 3

Yes, you owe the principal of 2,000 plus the total interest which is 240

Answer 4

so the answer is 2.240