Respuesta :
Answer:
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
[tex]A=P(1+r)^{t}[/tex]
where
A is amount after t years
so, we can plug values
[tex]A=7500(1+0.038)^{1}[/tex]
[tex]A=7785[/tex]
So,
The balance of the loan be after one year will be $7785
