A college student takes out a $7,500 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 the bank charges 3.8% interest each

asked Apr 17, 2021 1.3k views

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Answer: a. $7790
b. $7908
Explanation:
A2=A1(e^kt)
A2=7500(e^(.038)(1)=7790
A2=7500(e^(.053)(1)=7908

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