1. if you needed to borrow $23,031 today for a period of 6 years and were willing to pay 7% interest, compounded annually, how much would you need to repay the loan in its entirety at the end of the 6 year period?

2. A colleague has asked you for a loan of $2,830 today and offered to pay you 9% through a one-time payment of $3,858 in the future. In how many years would you expect to receive the payment?

3. Suppose you needed to borrow $109 for a period of 9 years and the lender required you to only make a lump sum payment of $167 at the end of the period to pay off the loan. What would be the interest rate on the loan?