Question

A college student takes out a $7500 loan from a bank. Assuming the student has not started paying back the money, how much does the student owe after 1 year, if the bank charges 3.8% interest each year? after 1 year, if the bank charges 7.6% interest each year? after 2 years, if the bank charges 3.8% interest each year?​

Answer 1

Atter 1 year 28,500

After 2 years 57,00

Explanation:

7500 x 3.8=28,500

7500 x 7.6=57,000