Example 1 If $1000 were loaned for 3 years with 10% interest rate, calculate the amount of money due at the end of the period. Use simple interest concept. Period 1) Amount owed at beginning of period (2)=PX1096 Interest amount forAmount owed at end of period period Example2 If $1000 were loaned for 3 years with 10% interest rate, calculate the amount of money due at the end of the period. Use compound interest concept. Period (1) Amount owed at beginning of period (2)-(1)x10% Interest amount for period Amount owed at end of period