How much will you have in $20$ years if you invest $$4000$ today in an account earning $6\%$ interest compounded monthly?

A friend lends you $$500$ for $2$ years at $4\%$ simple interest per year. How much will you have paid them back at the end of the loan?

How much would you need to deposit today in order to have $$100,000$ in $25$ years at $8\mathrm{.}5\%$ compounded daily?

Your friend has an Individual Retirement Account $($IRA$)$ with an interest rate of $6\mathrm{.}5\%.$ She started the IRA at age $25($she is smart!$)$ and deposits $$100$ per month.

How much will her IRA contain when she retires at $65?$

How much of the ending balance came from deposits? What percentage of the ending balance is that?

How much of the ending balance came from interest? What percentage of the balance is that?

You need to take out an $$8,000$ loan to pay off your credit card debt and you can afford monthly payments around $$400.$ The bank offers $2$ choices: a $2-$year loan at $6\%$ or a $3-$year plan at $5\%.$

Calculate your monthly payment for both loans.

Calculate the total interest over the loan term for both options.

Which loan would you choose and why?