You are considering loaning a friend some money to do business improvments. $($Hey$!$ It's your money!$)$

Since you are friends, you have decided he should pay this all back in ONE, lump sum at the end of $4$ years.

The loan amount will be $$61,000$ and the interest rate is $5\mathrm{.}3\%$ per year.

a$.$ If you charge simple interest, how much will your friend owe at the end? How much interest will he pay? show in excel format to solve step

b$.$ If you charge compound interest, how much will your friend owe at the end. How much interest will he pay?