Simple and Compound Interest a. For each of the following notes, calculate the simple interest due at the end of the term.

Note	Principal	Rate	Term
1	$6,000	8%	8 years
2	$6,000	12%	5 years
3	$6,000	4%	2 years

Note 1	Answer
Note 2	Answer
Note 3	Answer

b. Compute the amount of interest due at the end of the term for each of the above notes assuming interest is compounded annually. Use Excel or a financial calculator for your computations. Round answers to the nearest dollar.

Note 1	Answer
Note 2	Answer
Note 3	Answer