Question

4. Un estudiante universitario saca un préstamo de $7,500 de un banco. ¿Cuál será el saldo del préstamo después de un año (suponiendo que el estudiante todavía no ha hecho ningún pago): mas a. ¿Si el banco cobra un 3.8% de interés cada año?​

Answer 1

When a college student takes out a loan of $7,500 from a bank and the bank charges 3.8% interest per annum, the loan balance (future value) after one year (assuming the student has not yet made any payments) will be $7,785.00.

The future value is determined using the FV formula or an online finance calculator as follows:

FV Formula:

`FV=PV(1+r)^(n)`

FV = future value

PV = present value

r = annual interest rate

`{n}` = number of periods interest held

FV = 7,500(1.038) = $7,785

Online Finance Calculator:

N (# of periods) = 1 year

I/Y (Interest per year) = 3.8%

PV (Present Value) = $7,500

PMT (Periodic Payment) = $0

Results:

FV (Future Value) = $7,785.00 ($7,500 + $285)

Total Interest = $285.00 ($7,500 x 3.8%)

Complete Question:

4. A college student takes out a loan of $7,500 from a bank. What will the loan balance be after one year (assuming the student has not yet made any payments): plus a. If the bank charges 3.8% interest each year?​