A friend from Australia is visiting you in America. While having drinks one Saturday night, you ask your friend from Australia, "Can I borrow some money? I have to pay some bills!" You have been friends for years, and he says, "No worries, mate! I sold some crocs recently and made a bundle. How much do you need?" You answer $100,000. He immediately sends you an Interac transfer and states that he's not going to charge you interest on the loan. You both agree to the following terms of payment: Year Amount of Payment 1 $0.00 2 $25,000 3 $15,000 4 $20,000 5 $18,000 6 $25,000 7 $30,000 Is this loan interest-free, as your friend states?