Homework: Chapter 7 Homework Save Score: 0 of 1 pt 5 of 22 (21 complete) HW Score: 88.64%, 19.5 of 22 pts EP7-2 (similar to) Question Help * Shore Company borrowed $10,000 or three years with a stated annual rate o 7%. Assuming interest is computed as simple interest, Shore computed their interest expense to be $700 per year in interest, for a total of $2,100 at the end of the loan term. (Click the icon to view Shore's simple interest computation.) Now assume Shore Company bo ed $10,000 for three years at a 7% interest rate with interest compounded annually. Shore wil e ay te en re amount prin al plus interest) at the end of the three-year period. Thus, it is not paying any interest until the end of the three years. How much interest will it pay? Compare this amount of interest to the amount computed using the simple interest computation. How much interest will it pay? (Round your answer to the nearest whole dolar.) Assuming annual compounding. Shore will pay interest of S