You can use the simple interest formula to calculate the final amount:
Final amount = Principal + (Principal x Rate x Time)
Where:
Principal = 20,998
Rate = 9% or 0.09 (in decimal form)
Time = 6 years
Final amount = 20,998 + (20,998 x 0.09 x 6)
Final amount = 20,998 + 11,945.64
Final amount = 32,943.64
So after 6 years at a 9% interest rate, the final amount would be $32,943.64.
Price 20,998
Rate: 9%
Time: 6 years
How much would it be?
2 answers
Or, since this is 2023 ....
amount = 20998(1.09)^6
= $ 35,215.75
amount = 20998(1.09)^6
= $ 35,215.75