Abank loaned john smith $1,000 for seven years compounded annually at 6%. how much interest was john required to pay on the loan? use the $1.00 future value table or the future value and compound interest formula.
rate per period periods 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 1 1.00500 1.01000 1.01500 1.02000 11.11042 1.23239 1.36706 1.51567 1.67958 1.86029 2.05943 2.27877 2.52024 2.78596 3.07823 22 1.11597 1.24472 1.38756 1.54598 1.rate per period periods 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 9.00% 9.50% 10.00% 11.00% 12.00% 1 1.06000 1.06500 1.07000 1.07503.39956 3.75268 4.14056 4.56644 5.03383 5.54657 6.10881 6.72507 7.40025 8.94917 10.80385 21 3.60354 3.99661 4.43040 4.90892 5
john was required to pay = $ of interest.