It goes far deeper than the basic math though. I think it is paramount for the populace to understand that when they take out a loan, the bank essentially creates that money from thin air. The supposed reserves of cash that you borrow against aren't even there for the largest part. So, being a banker is in essence a license to create money from thin air that you can charge interest against.
The Federal Reserve buys U.S. bonds on the open market with invented (by CONgress and signed by the President), fictional money, and those purchases then become the reserve base for the banking system to invent money. Fed money is multiplied by the banks 9 times, so $1,000 in Fed money becomes $9,000 in bank money.
This link is broken, either the page no longer exists or there is some other issue like a typo.
Understanding that you are paying a fee to a bank for money that did not exist before your loan application was accepted, and that you are paying interest to the bankers on money that you created should make you want to puke your guts up.
This little slide show last four minutes and explains the system in a manner so simple a 10 year old can understand
Furthermore, from the Feds own site.
Who owns the Federal Reserve?
The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.
As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as "independent within the government."
The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation's central banking system, are organized much like private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
If it is a "not for profit" organization, just who is it that is receiving the 6% dividends. Andrew Jackson threw the bankers out in 1835 and the U.S. was debt free for the first time in history. the National debt began to grow again but slowly and in a relatively manageable way, until the War of Northern Aggression. The Federal Reserve was created because the bankers told our leaders in 1913 that they could control the economy better than free markets. As a matter of course they have done no such thing, as can be witnessed by the Great Depression, the 70's and today. In fact, if you wish to do the research it is easy to find that the Federal Government exasperated the Great Depression by meddling in the "free" markets. The reason the Fed can claim to be backed by the U.S. government is because at the same time our leaders passed the income tax laws. Before 1913 there was no federal income tax. Coincidence? I don't think so.
History is like news, if you want the truth you must seek it out. Truth will not jump out of the television, consume the mainstream media with care.