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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asked May 23, 2018 20.8k views

2 votes

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?

Mathematics
middle-school

Samir Shah asked

by Samir Shah

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1 Answer

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$4,950 will be paid after 3 years.
$577.50 will be paid as interest for the total loan.

Izik Golan answered May 27, 2018

by Izik Golan

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