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?

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

step-by-step explanation:

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