(solution) A bank made a farmer a loan of $1 ,400at 1515%for three years

(solution) A bank made a farmer a loan of $1 ,400at 1515%for three years

A bank made a farmer a loan of $1 ,400at 1515%for three years compounded annually. Find the future value and the compound interest paid on the loan. Compare the compound interest with simple interest for the same period.

Future value equals=$ ______(Round to the nearest cent as needed.)

Compound interest equals=$____________(Round to the nearest cent as needed.)

Simple interest equals=$______(Round to the nearest cent as needed.)

Compound interest is $nothingmore than simple interest.(Round to the nearest cent as needed.)