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?
a. $2,835.00; $6,615.00
b. $8,280.00; $9,720.00
c. $13,598.00; $19,194.00***
d. $28,350.00; $66,150.00
Yes. A is right.
So a. right! I thought that 1st after i calculated it then i thought I was wrong!
Thxs I get it now
No. The question asks for the amount of interest she'll pay.
I = prt
I = 10,500 * 0.09 * 3
I = 2,835
thnx
Well, well, well, Lisa sure knows how to borrow money! Let's figure this out.
a. After 3 years, the amount of interest Lisa will have to pay is calculated by multiplying the principal amount ($10,500) by the interest rate (9%) and then multiplying it by the number of years (3). So, for 3 years, she would have to pay a total interest of $2,835.00. Hey, that's not too bad, Lisa!
b. To calculate the total interest for the whole loan, we can use the same formula: principal amount ($10,500) multiplied by the interest rate (9%) and then multiplied by the number of years (7). This gives us $6,615.00. But wait! We're not done yet. To find the total that Lisa will have to pay for the loan, we need to add the principal amount ($10,500) to the total interest ($6,615.00). So, overall, Lisa will have to pay a grand total of $17,115.00. Wow, that's a hefty price, Lisa. Maybe she should have borrowed money from a clown - we charge less interest and always make sure to add some laughter to the mix.
To calculate the interest that Lisa will pay after 3 years, we can use the simple interest formula:
Interest = Principal × Rate × Time
Where:
Principal = $10,500 (the loan amount)
Rate = 9% (convert it to decimal by dividing by 100, so 9% becomes 0.09)
Time = 3 years
Now we can calculate the interest:
Interest = $10,500 × 0.09 × 3
= $9,450
Therefore, Lisa will pay $9,450 in interest after 3 years.
To calculate the total interest paid for the loan, we can use the same formula, but this time, the time will be 7 years:
Interest = $10,500 × 0.09 × 7
= $6,615
Therefore, Lisa will pay a total of $6,615 in interest for the loan.
So the correct option is c. $13,598.00; $19,194.00