The principal $P$ is borrowed at Simple interest rate $R$ for a period of timic $T$. Find the loan's future value, A or the total amount due at time $T$. Round answer to the nearest cent. $A=P(1+r t)$
\[
P=\$ 6000 \quad r=4 \% \quad t=1 \text { year }
\]

Step 1 ：The principal $P$ is borrowed at Simple interest rate $R$ for a period of time $T$. We are asked to find the loan's future value, $A$ or the total amount due at time $T$. The formula for calculating the future value of a loan with simple interest is given as $A=P(1+rt)$, where $A$ is the future value, $P$ is the principal, $r$ is the interest rate, and $t$ is the time period.

Step 2 ：In this case, the principal $P$ is $6000, the interest rate $r$ is $4\%$ or $0.04$ when expressed as a decimal, and the time period $t$ is $1$ year.

Step 3 ：We can substitute these values into the formula to calculate the future value of the loan: $A = P(1+rt) = 6000(1+0.04*1)$

Step 4 ：After calculating the above expression, we find that $A = 6240.0$

Step 5 ：Final Answer: The future value of the loan, rounded to the nearest cent, is \(\boxed{6240.00}\)