Question

Find the simple interest and future value for a loan of $3000 for 4 years at a rate of 7% per year. Compare that to the future value of the loan using compound interest formula and assume compounding interest annually. (Note: When dealing with money, we will always round our final answer to the nearest cent, so two decimal places.)

Simple Interest Formula Compound Interest Formula
Interest earned:
Future Value:


Future Value:
Interest earned:

Answer 1

Answer:

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Answer 2

Answer:

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