2. You lend $2000 to a friend for 36 months at 5% simple interest. How much will your friend have to repay to you at the end of 36 months? How much interest did you earn? 3. How long does it take for an investment of $200 at 3% simple interest to grow to $300? 4. You decided to go on a trip that costs $2,500 and borrow the money from the bank at 15.7% simple interest for 30 months. How much will you pay the bank back at the end of the 30 months? How much interest will you pay on the loan? 5. You need $500 to go on a trip with your friends for spring break but you are broke! So, you go to payday loans who is willing to lend you $500 for 14 days for $25 for each $100 lent. That sounds okay. Or does it? a. How much interest will you pay for the use of the $500 for the 14 days? b. What is the annual interest rate for this loan? 1