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If you take out a $1,500 loan for college at 8% interest, what is the principal balance? $1620 $1500 $1508 $1580

If you take out a $1,500 loan for college at 8% interest, what is the principal balance? $1620 $1500 $1508 $1580
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If you take out a $1,500 loan for college at 8% interest, what is the principal balance?

$1620


$1500


$1508


$1580

asked
User Brian Bruman
by
8.3k points

1 Answer

3 votes
After 1 year, your college loan balance would be 1500 (1+.08) = 1620 if you make no payments.


Likely Lana would pay less interest on the loan as she has a HIGHER credit score!
answered
User Antishok
by
7.4k points
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