1. You an invest your savings in a bank which pays a nomial rate of interest of 6.5% compounded daily what is your effective annual rate of interest assuming a 365 day year to the nearest 1/100th (omit the % sign in your answer)
2. Assume you are granted a 3 year, 15000$ 7% annual interest loan request from the bank and the loas is to amortized. Assuming you borrow the money. How much interest will you pay over the life of the load, to the nearest whole dollar? If appropriate, include a comma but omit the $ symbol and the period at the end.