Acollege student takes out a $7,500 loan from a bank. what will the balance of the loan be after one year. if the bank charges 3.8% interest each year

The balance of the loan be after one year will be $7785

Step-by-step explanation:

we are given

A college student takes out a $7,500 loan from a bank

so, P=7500

time is 1 year

so, t=1

the bank charges 3.8% interest each year

so, r=3.8%

r=0.038

now, we can use formula

where

A is amount after t years

so, we can plug values

So,

The balance of the loan be after one year will be $7785

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