Please provide explanation for the below 2 questions and the formulas to use.

7. Peter took out a student loan for $69000. He set up a payment plan to pay off the loan monthly for the next 4 years at 5.9% interest compounded monthly. His monthly payments would be $1617.31. How much total in interest would he pay to pay off the loan?Daniel saved for his child's college education by saving $290 per month for 16 years. He was able to ern 8.6% interest compounded monthly and accumulated a total of $118953,42 at the end of the 16 years. How much interest did he earn