8. One of your friends needs $33.00 in cash right now and agrees to sign an IOU saying they will pay you back $3.50 /month for the next 12 months to complete the obligation. Calculate the amount of interest (\$) you made by initially loaning the $33 compared with the amount you received back at the end of the one year period. 9. What annual interest rate is your friend paying you in the transaction in problem 8 ? Use the equation I= Prt where I= interest earned, P= principal amount loaned, r= annual interest rate and t= time in years ( 1 for this question). 9. Is this a good economic deal for you (why or why not) and would you loan the $33.00