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A college student takes out a $7500 loan from a bank. What will the balance of the loan be after one year(assuming the student has not made any payments yet) a. if bank charges …

A college student takes out a $7500 loan from a bank. What will the balance of the loan be after one year(assuming the student has not made any payments yet) a. if bank charges …
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A college student takes out a $7500 loan from a bank. What will the balance of the loan be after one year(assuming the student has not made any payments yet)

a. if bank charges 3.8% interest each year ?

User Cerber
by
8.4k points

1 Answer

1 vote
The balance will be given by the equation
loan amount times 1.038 = 7500 x 1.038 = $7,785
User Peterdk
by
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