Final answer:
To repay a $740 loan with a 4% interest rate, assuming a one-year term, you will need to repay a total of $769.60, which includes the original principal and the interest accrued over the year.
Step-by-step explanation:
Calculating Loan Repayment with Interest
To calculate the total amount you will need to repay for a loan of $740 with a 4% interest rate, you can use the simple interest formula which is: Total Repayment = Principal + (Principal × Rate × Time). The principal in this case is $740, the rate is 4% or 0.04 as a decimal, and if we assume the time is 1 year (as time is not specified in the question), the calculation would be: $740 + ($740 × 0.04 × 1).
Let's perform the calculation:
Total Repayment = $740 + ($740 × 0.04)
Total Repayment = $740 + $29.60
Total Repayment = $769.60
Therefore, you will have to repay a total of $769.60 for a one-year loan at a 4% interest rate.