Directions: Looking at the chart below, calculate the monthly interest rate and monthly interest owed on a $5,000 loan for each of the options below. Monthly Interest (loan amount * monthly rate)...

Extracted text: Directions: Looking at the chart below, calculate the monthly interest rate and monthly interest owed on a $5,000 loan for each of the options below. Monthly Interest (loan amount * monthly rate) Amount Financial Monthly Rate (APR/12) Borrowed APR/APY Institution $1,000 $1,000 $1,000 $1,000 $1,000 Bank Loan 5% Credit Union Loan 3% Credit Card 11% Pay Day Loan 18% Title Pawn Loan 21% Part III: Simple v Compound Interest Directions: Use the given scenario to complete the questions. Simple Interest Scenarios: 1. Abigail is saving $1,000 at 4% interest for 3 years, calculated as simple interest. At the end of the three years, how much interest will she have earned? 2. Elijah is borrowing $10,000 at 3.5% interest for 10 years, calculated as simple interest. At the end of the ten years, how much will he owe? 3. Adeline is saving $5,000 at 2.05% interest for 5 years, calculated as simple interest. At the end of the five years, how much will she have in total? 4. Santiago is borrowing $9,000 at 8% interest for 4 years, calculated as simple interest. At the end of the four years, how much will he owe?