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A bank made a farmer a loan of $1,400 at 15% for three years compounded annually. Find the future value and the compound interest paid on the loan. Compare the compound interest…

A bank made a farmer a loan of $1,400 at 15% for three years compounded annually. Find the future value and the compound interest paid on the loan. Compare the compound interest…
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A bank made a farmer a loan of $1,400 at 15% 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?

User Jason Dias
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1 Answer

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Answer: The principal amount is P=$1000P=$1000. •

Explanation:

User Kuby
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