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?

So, do I draw out the formula I = P x R x T.

I = Interest - unknown
P = Principal - 2,000
R = Rate - 3%, 3 / 100 = 0.03
T = Time - 4 years.

I = 2,000 x 0.03 x 4. It's 240.

2,000 (the amount borrowed) + 240 (is the interest) = 2,240

So... it will be that you will repay $2,240 at the end of 4 years?

PLZ check! Thank you!