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? Please answer. Thank you

I = PRT

I = 2,000 * 0.03 * 4

Add the interest to the principal to find the total you need to repay.

Thank you

the answer is 2,240

To find out how much you will repay at the end of 4 years, you need to calculate the simple interest and add it to the principal amount.

The formula to calculate simple interest is:

Interest = Principal * Rate * Time

In this case, the principal (P) is $2,000, the rate (R) is 3% (or 0.03 as a decimal), and the time (T) is 4 years.

Interest = $2,000 * 0.03 * 4
Interest = $240

Now, to find the total repayment amount, you add the interest to the principal:

Total Repayment = Principal + Interest
Total Repayment = $2,000 + $240
Total Repayment = $2,240

Therefore, you will repay $2,240 at the end of 4 years.