Let's solve the problem step-by-step.
### Step 1: Understand the problem
We have a personal loan with the following details:
- Principal amount (P): K10,000
- Loan period: 4 years
- Monthly repayment amount: K262.90
### Step 2: Calculate the total repayment over the loan period
The total repayment can be found by multiplying the monthly repayment amount by the total number of months in the loan period.
1. Calculate the total number of months:
[tex]\[
\text{Total number of months} = \text{Years} \times 12 = 4 \times 12 = 48 \text{ months}
\][/tex]
2. Calculate the total repayment:
[tex]\[
\text{Total repayment} = \text{Monthly repayment} \times \text{Total number of months} = K262.90 \times 48
\][/tex]
3. Perform the multiplication:
[tex]\[
K262.90 \times 48 = K12,619.20
\][/tex]
### Step 3: Calculate the interest paid
The interest paid can be found by subtracting the principal amount from the total repayment.
1. Subtract the principal amount from the total repayment:
[tex]\[
\text{Interest paid} = \text{Total repayment} - \text{Principal} = K12,619.20 - K10,000
\][/tex]
2. Perform the subtraction:
[tex]\[
K12,619.20 - K10,000 = K2,619.20
\][/tex]
### Answer:
The interest paid for the personal loan is K2,619.20.
