15. Lisa takes a loan of $10,500 at a 9% simple interest rate for 7 years.
a. How much interest will she pay after 3 years?
b. How much interest will she pay in total for the loan?
$2,835.00; $6,615.00
$8,280.00; $9,720.00*
$13,598.00; $19,194.00
$28,350.00; $66,150.00
16. Angela invests $2,550 at 3% interest compounded annually. What will be the balance in the account
after 1.5 years?
$2,626.50
$2,664.75*
$2,665.61
$4,792.50
Is it a for the first one.
Thank You
What is the answer
To calculate the interest and total repayment in case of a simple interest loan, you need to use the following formula:
Interest = (Principal * Rate * Time) / 100
Total repayment = Principal + Interest
For question 15:
a. To calculate the interest after 3 years, you need to plug in the values into the formula: Interest = (Principal * Rate * Time) / 100
Interest = (10,500 * 9 * 3) / 100
Interest = $2,835.00
The correct answer is $2,835.00.
b. To calculate the total interest for the loan, you can apply the same formula for the total period of 7 years.
Interest = (10,500 * 9 * 7) / 100
Interest = $6,615.00
The correct answer is $6,615.00.
For question 16:
To calculate the balance in the account after 1.5 years with compounded interest, you can use the following formula:
Balance = Principal * (1 + Rate/100) ^ Time
Balance = 2,550 * (1 + 3/100)^(1.5)
Balance = $2,664.75
The correct answer is $2,664.75.