What Is New About The New Covenant?

When you open your Bible, there are two major divisions in it: The Old Testament and the New Testament. Are these two different books or are these two chapters of the same book? How is the Old Testament old and how is the New Testament new?
Today we will be considering these and other questions that arise in understanding God's redemptive plan to rescue guilty sinners chosen in Christ Jesus before the world began. I also pray that you (adults and children alike) might better understand how God intended you to use the Bible so that you might grow in faith and in love for the Lord Jesus Christ to whom the Scripture points (both Old and New Testaments).
I would like to answer three questions briefly and then make one application: (1) What Is the New Covenant? (2) How Is the New Covenant the Same as the Old Covenant? (3) How Is the New Covenant Different from the Old Covenant?