Shana will owe about $44,467.12 in 4 years with monthly compounding.
The interest is compounded monthly so you need to convert the interest rate to a monthly rate and the periods to months.
Period = 4 x 12 = 48 months
Interest = 6% / 12 = 0.5%
The amount that she will owe in 4 years is found by the formula:
Future value = Amount borrowed x ( 1 + rate) ^ number of periods
= 35,000 x ( 1 + 0.5%)⁴⁸
= 35,000 x 1.005⁴⁸
= $44,467.12
She will owe $44,467.12 in 4 years.
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