Mary Mason has $27,000 to invest for a year. She can lend it to her brother who has agreed to pay 12% simple interest for the year. Or, she can invest it with a bank at 10% compounded quarterly for the year. How much additional interest would the simple interest Joan to her brother generate? Use the compound interest table. Click the icon to view the compound interest table. How much more will the simple interest loan generate compared to the bank loan? $ (Round to the nearest cent as needed.) Compound Interest Table X - Compound Interest Table Interest Rate per Compounding Period 3% 4% 5% 6% 1.02500 1.03000 1.04000 1.05000 1.06000 1.05063 1.06090 1.08160 1.10250 1.12360 1.07689 1.09273 1.12486 1.15763 1.19102 1.10381 1.12551 1.16986 1.21551 1.26248 1.13141 1.15927 1.21665 1.27628 1.33823 1.15969 1.19405 1.26532 1.34010 1.41852 1.18869 1.22987 1.31593 1.40710 1.50363 1.21840 1.26677 1.36857 1.47746 1.59385 8% 10% 1.08000 1.10000 1.16640 1.21000 1.25971 1.33100 1.36049 1.46410 1.46933 1.61051 1.58687 1.77156 1.71382 1.94872 1.85093 2.14359 Period 1 2 3 4 5 6 7 8 Compound Interest Table x - 20 21 22 23 24 25 26 27 28 29 30 1.22019 1.34686 1.48595 1.63862 1.80611 2.19112 2.65330 3.21 1.23239 1.36706 1.51567 1.67958 1.86029 2.27877 2.78596 3.3 1.24472 1.38756 1.54598 1.72157 1.91610 2.36992 2.92526 3.61 1.25716 1.40838 1.57690 1.76461 1.97359 2.46472 3.07152 3.8 1.26973 1.42950 1.60844 1.80873 2.03279 2.56330 3.22510 4.0 1.28243 1.45095 1.64061 1.85394 2.09378 2.66584 3.38635 4.2 1.29526 1.47271 1.67342 1.90029 2.15659 2.77247 3.55567 4.5 1.30821 1.49480 1.70689 1.94780 2.22129 2.88337 3.73346 4.8 1.321291.51722 1.74102 1.99650 2.28793 2.99870 3.92013 5.1 1.33450 1.53998 1.77584 2.04641 2.35657 3.11865 4.11614 5.4 1.34785 1.56308 1.81136 2.09757 2.42726 3.24340 4.32194 5.7 Print Done Compound Interest Table 20 21 22 23 1.63862 1.80611 2.19112 2.65330 3.20714 4.66096 6.72750 1.67958 1.86029 2.27877 2.78596 3.39956 5.03383 7.40025 1.72157 1.91610 2.36992 2.92526 3.60354 5.43654 8.14027 1.76461 1.97359 2.46472 3.07152 3.81975 5.87146 8.95430 1.80873 2.03279 2.56330 3.22510 4.04893 6.34118 9.84973 1.85394 2.09378 2.66584 3.38635 4.29187 6.84848 10.83471 1.90029 2.15659 2.77247 3.55567 4.54938 7.39635 11.91818 1.94780 2.22129 2.88337 3.73346 4.82235 7.98806 13.10999 1.99650 2.28793 2.99870 3.92013 5.11169 8.62711 14.42099 2.04641 2.35657 3.11865 4.11614 5.41839 9.31727 15.86309 2.09757 2.42726 3.24340 4.32194 5.74349 10.06266 17.44940 24 25 26 27 28 29 30 Print Done