Task $5$: Identifying Financial Scenarios

Provide brief descriptions of various financial situations without specifying the type of interest or investment. For example, a scenario might involve someone borrowing money for a short$-$term project, another might involve regular contributions to a savings plan, and another might describe the process of buying a house with a long$-$term loan.

Objective: For each scenario, each group member must identify whether it involves simple interest, compound interest, an annuity due, or a mortgage. Explain the reasoning behind each identification.