1)Find the present value of $13,500 in 7 months at 7.9% interest answer:$ 2. Your friend needs a loan of $4,700 for 6 months. You tell him for the simple interest loan service he needs to pay you back $4,770.50. What is the simple interest rate on your friendly loan? Interest Rate= % 3.A payday loan company charges a $85 fee for a $400 payday loan that will be repaid in 13 days. Treating the fee as interest paid, what is the equivalent annual interest rate? answer: % interest 4.Find the future value for each of the following scenarios, where m is the periodic deposit and ris the interest rate. Future interest compounding time periodic Value r frequency in years deposit (m) earned 6 $ St $ St $125,000 5% annually $275,000 5% semiannually 8 $50,000 7.8% quarterly 12 $ St S 12 $ $125,000 4.3% monthly 15 $ $125,000 7.5% weekly 9 S $ St $ S