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Given:
The principal = $ 4000
The rate of interest = 22 %
To find the loan amount a) after 1 year and b) after 3 years.
Formula
Loan amount is
where,
A be the loan amount
P be the principal
r be the rate of interest and
t be the time.
Now,
a) Taking, P = 4000, r = 22, t = 1 we get,
or,
Again,
b) Taking, P = 4000, r = 22 and t = 4 w eget,
Hence,
a) The amount of loan after 1 year is $ 4880
and b) The amount of loan after 4 year is $ 7263.39.