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March 28, 2015

March 28, 2015

Posted by **SDog** on Wednesday, March 19, 2014 at 9:59pm.

This is a 7th grade math question and I feel like it's a trick question. I am thinking that I should use the simple interest formula, but I know that most loans are not calculated with simple interest. We've been studying simple interest and compound interest but this question doesn't specify...what do you think?

$2000*.03*4=$240 +2000=$2240?

- Dont I need more info for this Math problem?? -
**Henry**, Thursday, March 20, 2014 at 9:47pmSince the compounding frequency was not

given, you'll have to use simple interest.

P = Po + Po*r*t

P=2,000 + 2000*0.03*4=2000 + 240 = 2240.

Always show the Eq before plugging-in

the values.

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