# John wants to open a showroom for that he borrows $48,000 on 12% interest rate. He plans to pay this after 4 years. What will that total principal + Interest payment be?

##### 1 Answer

Jan 25, 2018

Amount to be paid by Jhon at the end of four years is

#### Explanation:

Interest compounded annually.

Formula for compound interest annually is

P = $48,000, r = 13%, n = 4 years.

To find A.

Amount to be paid by Jhon at the end of four years is