Complete each question, you must set-up the equation or formula with values inputted. If only answers are given then you will only receive half credit for the problem. 1. Michael borrowed $32,000 from his parents at 3.75% simple interest to make a down payment on a house. He plans to repay the loan at the end of 3 years with money from his yearly bonuses. If the principal and interest are repaid in one lump sum, what amount will he have to pay his parents at the end of the 3 years to retire the loan