Wednesday

October 22, 2014

October 22, 2014

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.

**Answer this Question**

**Related Questions**

ALGEBRA - 5 YEARS AGO BROUGHT A HOUSE FOR 171,000 WITH A DOWN PAYMENT OF 30,000 ...

finance - You borrow $149,000 to buy a house. The mortgage rate is 7.5 percent ...

finance - You borrow $185,000 to buy a house. The mortgage rate is 6.5 percent ...

Math - Serena wanst to borrow $15 000 an pay it back in 10 years. Interest rates...

Math - Serena wants to borrow $15 000 and pay it back in 10 years. Interest ...

Finance - You borrow $150,000 to purchase a new house. The bank offers you a ...

math - If you borrow $15,000 from your dad for college and you agree to pay him...

math - Suppose you borrow $12,000, which you must pay back in 30 equal monthly ...

math - Five years ago, you bought a house for $151,000, with a downpayment of $...

math - Marcy is planning to borrow $12,500 with a simple interest rate of 5.2% ...