A company obtained a bank loan of 1 million yuan with an annual interest rate of 6% and a term of three years. The interest is calculated annually and compound interest is calculated. What is the principal and interest to be repaid to the bank after maturity?

100*1.06=1.06 million

106*1.06=1.1236 million

112.36*1.06=1.191016 million

Simple interest refers to The interest calculated once will not be added to the principal.

Compound interest means that after calculating once, the interest is added to the principal and then participates in the next calculation.