20) A LOAN IS MADE FOR $700 AT 9% SIMPLE INTEREST FOR 3 YEARS. HOW MUCH INTEREST WAS PAID? 21) FIND THE FUTURE VALUE OF A $8.500 LOAN AT 7.7% SIMPLE INTEREST FOR 30 MONTHS. COMPUTE THE FUTURE AMOUNT EARNED ON $6,000 IN 5 YEARS IF THE INTEREST IS 5% COMPOUNDED... EVIDENCE ANSWER 22) ANNUALLY 23) SEMI-ANNUALLY 24) QUARTERLY 25) MONTHLY 26) FIND THE FUTURE VALUE OF $500 PAID INTO AN ANNUITY AT THE END OF EVERY 3 MONTHS FOR 5 YEARS. THE ANNUAL INTEREST RATE IS 6%. 27) CASTLEROCK SCHOOL DISTRICT SOLD $1 MILLION OF BONDS TO CONSTRUCT AN ELEMENTARY SCHOOL. THE BONDS MUST BE PAID IN 10 YEARS. THE DISTRICT ESTABLISHES A SINKING FUND THAT PAYS 5% INTEREST. FIND THE ANNUAL PAYMENTS INTO THE SINKING FUND THAT WILL PROVIDE THE NECESSARY FUNDS