This is a problem of simple interest where the interest is calculated only on the initial principal.
To calculate the interest, we can use the formula:
Interest = (Principal x Rate x Time)/100
Here, Principal = 20,998
Rate = 12%
Time = 4 years
Plugging these values in the formula:
Interest = (20,998 x 12 x 4)/100 = 10,079.68
So, the total amount after 4 years would be:
Total amount = Principal + Interest = 20,998 + 10,079.68 = 31,077.68
Therefore, the amount after 4 years with a principal of 20,998 and an interest rate of 12% would be 31,077.68.
Price 20,998
Rate: 12%
Time: 4 years
How much would it be?
1 answer