15. If Rachel earned $21 as interest by lending her friend money for 3 months at 1% p.m., calculate the amount she lent her friend and the amount she will receive from her friend at the end of the loan period. Simple Interest: Equivalent Values 16. Jaqueline owes $600 that was due 6 months ago and $800 that is due in one year. She just inherited some money and wish to payoff both debts today. Assuming that the interest rate is 6.6% p.a., what payment today would satisfy both debts? 17. A payment of $6,500 was due 4 years ago and another payment of $3,750 is due in 5 years. Determine the single payment that will settle both payments in two years. Assume an interest rate of 10.8% p.a. and use two years from now as the focal date