You deposit $500 in an account today. You will deposit $500 at the end of each month for the next 12 months and $700 at the end of each month for the following 12 months. How much interest will you have earned in 2 years if the account pays 4.5 percent compounded annually.

You are borrowing 6,000 today. The loan is an amortized 6-year loan with an APR of 8 percent. Equal payments are made annually. What is the amount of the interst for the third year of the loan.