3. Mr. Rashed Mohamed Al Obedili provided $8,000 loan to Mr. Salem Ali Alseiari. It is issued for a period of 4 years at the rate of two percent interest per annum. As per the loan Agreement, Mr. Salem will not pay any amount still the fourth year. Interest is calculated (l 2% and the whole amount (principal + interest) is paid at the end of 4-year period. Calculate the amount has to repay to Mr. Rashed Mohamed Al Obedili if: a) The interest is calculated using simple interest method. b) The interest is calculated using compound interest method