Q1: [2 marks] 1. At a simple interest rate of 12% per year, determine how long it will take $5000 to increase to twice as much. 2. Compare the time it will take to double if the rate is 10% per year simple interest Q2: [3 marks] A loan of $50,000 is to be repaid in 8 equal end-of-year payments at 10% a. After 3 years, how much of the loan would be paid? b. How much would it cost to buy down the interest to 9%