You borrow $500 from a family member and agree to pay it back in 6 months. Because you are part of the family, you are only being charged simple interest at the rate of 0.5% per month. How much will you owe after 6 months? How much is the interest? Hint. For simple interest, F=P(1+ni), where 1 refers to the principal, n refers to the time duration, and i refers to the interest. What is the future equivalent of $1,000 invested at 6% per year compound interest per year for 3.5 years? Hint. Future equivalent means future value. Do pay attention to how the question is worded. 6% per year instead of per month