Geometric sequences?

Question

How much will be in the savings account at the end of 3 years if $2000 is invested at 6% interest compounded annually?

and

A student borrows $900 at 8% comounded annually. If the loan is paid off in 2 years, how much has the student paid?

Answer 1

I = P(1 + r)^t

I = 2000(1 + .06)^3
I = 2000(1.06)^3
I = $2382.03

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I = 900(1 + .08)^2
I = 900(1.08)^2
I = $1049.76