Mitch completes the course and his boss promotes him. Mitch receives a 25% increase on his previous pay of $40 000 per year after tax. However, Mitch took out a Study Assist loan from the government t

Mitch completes the course and his boss promotes him. Mitch receives a 25% increase on his previous pay of $40 000 per year after tax. However, Mitch took out a Study Assist loan from the government to pay his course fee. This means that 4% of his new after-tax salary goes towards repaying the loan. How much extra pay does Mitch actually end up with for the year?