Acollege 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): explain how you got the answer.

The general equation use to calculate increasing or decreasing values

P(t) = A(1 + r)^t

where:
P = New value
A = original or starting amount
r = rate (can be either increasing(+) or decreasing(-))
t = time period that increase/decrease take place.

So after 1 year at 3.8% interest
P = 7500(1 + 0.038)^1
P = 7500(1.038)
P = 7,785

Then after 1 year at 5.35 interest
P = 7500(1 + 0.053)^1
P = 7500(1.054)
P = 7,897.50

Hi i just wanted you and me and you are a nice right off my mind and