3)You opened a saving account for your son 4 years ago and deposited $500 at that time. Three years ago, you added another $500 to the account. Last year, you deposited an additional $300 into this account. With an interest rate of 5% compounded annually, how much is in the account today?
4)Mike borrowed $150,000 from ABC Bank for 5 years at an interest rate of 12% compounded monthly. How much is his monthly loan payment?