General intro to Finance questions. Can you briefly explain? Thanks for your help!

7) You borrow $3500 for one year from a friend at an interest rate of 1.5% per month instead of taking a loan from a bank at a rate of 18% per year. Compare how much money you will save or lose on the transaction.

(A) You will pay $55 more than if you borrowed from the bank.

(B) You will pay $630 more than if you borrowed from the bank.

(C) You will pay $685.more than if you borrowed from the bank.

(D) You will save $55 by borrowing from your friend.

8) If you invest $25,000 at 8% interest compounded annually, approximately how much money will be in the account at the end of 10 years?

(A) $31,000

(B) $46,000

(C) $54,000

(D) $75,000

9) A college student borrows $10,000 today at 10% interest compounded annually. Four years later, the student makes the first repayment of $3000. Approximately how much money will the student still owe on the loan after the first payment?

(A) $7700

(B) $8300

(c) $11,000

(D) $11,700

10) A 40yearold consulting engineer wants to set up a retirement fund to be used starting at age 65. $20,000 is invested now at 6% compounded annually. Approximately how much money will be in the fund at retirement?

(A) $84,000

(B) $86,000

(C) $88,000

(D) $92,000