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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?
Pls help me out i am begging you i really need help i cant fail! PLS! as soon as possible would be great!
Simple Interest = PRT
sub in our given numbers
= 2000(.03)(4) =240
So you need to pay back $2240
(You MUST know how to do such a simple question.)
Thank you so much! And no i dont -_-
ok so can anyone tell me some tips on how to solve this question
Guys pls help me
To calculate the amount you will repay at the end of 4 years, you need to use the formula for simple interest:
Interest = Principal * Rate * Time
In this case:
Principal = $2,000
Rate = 3% = 0.03 (decimal form)
Time = 4 years
Now, let's substitute these values into the formula and calculate the interest:
Interest = 2000 * 0.03 * 4
Interest = $240
The interest is $240, which means you will have to repay this amount in addition to the principal amount of $2,000.
To calculate the total repayment amount, simply add the principal and the interest together:
Total Repayment = Principal + Interest
Total Repayment = $2,000 + $240
Total Repayment = $2,240
Therefore, the amount you will repay at the end of 4 years is $2,240.