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Homework Course – 1 1. How much money will your friend have after 4 years if she saves $1000 now at 7% per year simple interest 2. How much can you borrow today if you pay $859 two years from now at an interest rate of 6% per year compounded yearly 3. Describe the economy symbols and their values for the following plan : Dr. Raffle hopes to borrow $800 now and repay it at $100 per year for the next 5 years and $2000 per year for the following 2 years. What is the interest rate? 4. Define the economy symbols for a problem to determine how many years it would take for $5000 to double in size at a compound interest rate of 5.5% per year 5. Cheryl collected advertised loan rate from three places. They are 10% per year compounded semi annually, 115 per year compounded quarterly, and 11,5% per year. State the interest period in month for each rate