Mike wants to buy a new car. He has chosen a red car for $35000. To be able to pay this price, he needs to loan part of the money from the bank, at a rate of 15%. How much money in total will Mike need to pay for the car, if he has to take $20000 from the bank?
The rate of the loan is 15%, which means Mike needs to give the bank an additional 20000 * 15/100 = $<<20000*15/100=3000>>3000.
So the car will cost him 35000 + 3000 = $<<35000+3000=38000>>38000.
#### 38000