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?

Since 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.

Class 7th math

To calculate the amount you will repay at the end of 4 years, you will need to use the formula for simple interest. The formula is:

Interest = Principal * Rate * Time

In this case, the principal is $2,000, the rate is 3% (which can also be written as 0.03 in decimal form), and the time is 4 years. Plugging in these values into the formula, we get:

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

Now, to find the total amount you will repay at the end of 4 years, you need to add the interest to the principal:

Total amount repaid = Principal + Interest = $2,000 + $240 = $2,240

So, you will need to repay a total of $2,240 at the end of 4 years.

It's worth noting that this calculation assumes simple interest, where the interest is calculated based on the original principal for the duration of the loan. In real-life scenarios, loans may be calculated using compound interest, where the interest may be recalculated periodically based on the updated principal. However, without further clarification, we can only work with the information given in the question.