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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): if the bank char…

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): if the bank char…
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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):

if the bank charges 5.3% interest each year?

User Aan
by
8.1k points

1 Answer

3 votes

Answer:

the balance of the loan be after one year is $7897.5.

Explanation:

User Jndietz
by
8.5k points
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