A series of 8 bits. and I'm just gonna type now because I need 20 characters.
Answer:
A Friend of you're's is having a guitar lesson, You Ask Him =
Some Questions =
"How did you learn to play the Guitar so Quickly?"
"What Type of Guitar Are you Playing?"
"Can You Play a Song for Me?"
"Do you know how to Play Other Instruments too?"
Welcome!
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.
