I think that the question you are trying to ask is . . . A college student takes out a $7500 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 bank charges 3.8% interest each year ?
b. if the bank charger 5.3% interest each year ?
Answer:
(a) $7785
(b) $7897.5
Step-by-step explanation:
Given:
Loan = $7500
We need to find the balance of the loan be after one year(assuming the student has not made any payments yet).
The formula for amount or loan is
A = P( 1 + r)^t .... (1)
where, P is principle, r is rate of interest and t is time in years.
(a) If bank charges 3.8% interest each year.
r = 3.8% = 0.038
Substitute P=7500, r=0.038 and t=1 in equation (1).
A = 7500 (1 + 0.038)^1
A = 7500 (1.038)
A = 7785
Therefore, the balance of the loan be after one year is $7785.
(b) If the bank charger 5.3% interest each year.
r = 5.3% = 0.053
Substitute P=7500, r=0.053 and t=1 in equation (1).
A = 7500 (1 + 0.053)^1
A = 7500 (1.053)
A = 7897.5
Therefore, the balance of the loan be after one year is $7897.5.
Explanation:
Water is one of the most important substances on earth. All plants and animals must have water to survive. If there was no water there would be no life on earth. ... Apart from drinking it to survive, people have many other uses for water.
Answer:
decrease in self esteem which may lead to a person to engage in drugs
emotional distress: a negative emotional reaction
internal anger:I may lead to a build up of internal anger as it gives the person engaged in behavior a sense of adrenaline and in some way may be emotionally addictive.
Answer:
B) Complete the following sentences from the paragraph: 1. God created the environment to make people happy b. 2. The environment in the modern era. We show many of the places where man lives, and defines ..3 4 Create the country’s entry into the Guinness Book of Records) 5. Reach There are more palm trees in the country than the written expression: Express each of the following pictures with a paragraph of your own: CLASS (80 ta 3