February 20, 2017

Homework Help: Dont I need more info for this Math problem??

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

You borrow $2,000 at a rate of 3% for a period of 4 years. How much will you re-pay at the end of 4 years?
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?

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