Price 20,998

Rate: 12%
Time: 4 years
How much would it be?

1 answer

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.