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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 FormulaInterest earned: Future Value: Future Value: Interest earned: |
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