Answer:
$120000
Step-by-step explanation:
"15. Jorge is getting a loan from the bank for a new car. The loan amount is $25,000. The bank will compound the interest annually for 6 years at 4%. What will be the total amount of the loan at the end of the 4 years?"
the expression for compound interest is given as
A=P(1+r)^t
given data
Principal P=$25000
rate r=4%= 0.04
time t= 4years
Substituting into the expression we have
A=P(1+r)^t
A=25000(1+0.04)^4
A=25000(1.04)^4
A=25000x4.80
A=$120000
The total amount of loan after 4 years is $120000
