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
To calculate the interest that Lisa will pay after 3 years, we need to find the interest amount for each year, and then multiply it by the number of years.
Interest per year = (Principal amount * Interest rate) / 100
Interest per year = (10500 * 9) / 100
Interest per year = 945
Now, we can find the interest for 3 years:
Interest for 3 years = Interest per year * Number of years
Interest for 3 years = 945 * 3
Interest for 3 years = 2835
So, Lisa will have to pay an interest of 2835 after 3 years.
Now let's find the total interest she will pay for the 7-year loan:
Interest for 7 years = Interest per year * Number of years
Interest for 7 years = 945 * 7
Interest for 7 years = 6615
So, in total, Lisa will have to pay an interest of 6615 for the loan.