Use the simple interest formula method for Exercises 7 to 10. See Examples 1 and 2. Thayer

Question:

Use the simple interest formula method for Exercises 7 to 10. See Examples 1 and 2.
Thayer Farm Trust made farmer a loan of $1,200 at 16% for three years compounded annually. Find the and the paid on the loan. Compare the with simple interest for the same period?
Compound Interest
Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound... Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...