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

Question

zpupster · Answer

I = Prt
Interest = Principle*rate*time

from your problem
principle is 2000
rate is 3% or .03
and your time is 4 years we are assuming the interest is applied annually

can you do the equation now

anonymous · Answer

I really don't get this question, I suck at math...

anonymous · Answer

@zpupster I actually found the explanation on a math tutoring site but thank you for you help.

zpupster · Answer

remember we are only finding interest you have to add that to the principle to get the total repayment.

anonymous · Answer

@inowalst @THEHELPER123 @TheRaggedyDoctor @TheSmartOne i dont know how to add the principle to get the total repayment i think this is how you do it: i calculated the intrest and its 240 so then i add 2,000? or im a wrong... im so confused... please help!!