Question

Lisa takes a loan of $10,500 if I did 9 simple interest rate for 7 years how much interest will she pay after 3 years how much interest will she pay in total of for the loan

Answer 1

Lisa will pay a total interest of $2845 at the end of 3 years to the loan; and $6615 in total throughout the period of loan through the simple interest method.

What is simple interest?

The type of interest which is charged only over the initial amount or the principal amount and payable at the end of a predetermined period is known as a simple interest.

Using the given information, the simple interest at the end of 3 years and 7 years will be computed as below,

$\rm Simple\ Interest= \dfrac{Principal\ x\ Rate\ of\ Interest\ x\ Period}{100}\\\\\rm Simple\ Interest= \dfrac{10500\ x\ 9\ x\ 3}{100}\\\\\rm Simple\ Interest= \ 2845$

Now for 7 years,

$\rm Simple\ Interest= \dfrac{10500\ x\ 7\ x\ 9}{100}\\\\\rm Simple\ Interest=\ 6615$

Hence, the simple interest to be paid by Lisa at the end of the required periods is given as above.

Learn more about simple interest here:

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