Tom, Kirk, and Steve are triplets. They all decide to borrow $1,000 today to go on vacation. They will repay their loans, plus all the accrued interest, in one lump sum exactly 1 year from today. Tom borrows his money at 6 percent simple interest. Kirk’s loan is based on 6 percent interest compounded monthly. Steve is charged 6 percent compounded annually. Who pays the most interest? How much more interest does he pay more than his brothers?