The total loan amount would be equal to $14,310 in four years when Jay graduates.
<u>Given the following data:</u>
To determine how much (future value) the total loan amount would equal in four years when he graduates:
Mathematically, compound interest is given by the formula:

<u>Where;</u>
- P is the principal or amount borrowed.
- r is annual interest rate.
- t is the number of years for the compound interest.
Substituting the given parameters into the formula, we have;

Future value, A = $14,310
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