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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?

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?
asked 55.5k views
4 votes
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?

asked
User Mrfour
by
8.1k points

1 Answer

4 votes
0.03✖️365 = 10.95
10.95✖️4 = 43.8
answered
User Aedna
by
8.6k points
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