Lisa takes a loan of 10500 at a 9 percent interest rate for 7 years how much interest will she pay after 3 years how much interest will she pay in total for the loan
After 3 years, Lisa would have paid an interest of:
Interest = Principal * Interest rate * Time
Interest = 10500 * 0.09 * 3
Interest = 2835
For the total interest in 7 years, we have:
Total interest = Principal * Interest rate * Time
Total interest = 10500 * 0.09 * 7
Total interest = 6615
So, Lisa will pay 2835 in interest after 3 years and 6615 in total interest for the loan.