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Adam takes a loan of $8,250 at a 7% simple rate for 5 years. How much will be paid after 3 years? how much interest will be paid in total for the loan?

Adam takes a loan of $8,250 at a 7% simple rate for 5 years. How much will be paid after 3 years? how much interest will be paid in total for the loan?
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Adam takes a loan of $8,250 at a 7% simple rate for 5 years. How much will be paid after 3 years? how much interest will be paid in total for the loan?

User Samir Shah
by
7.7k points

1 Answer

7 votes
$4,950 will be paid after 3 years.
$577.50 will be paid as interest for the total loan.
User Izik Golan
by
8.2k points
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