Question 1 You borrow 1000 from a friend at a simple interest rate of 6% for 4 years. Calculate the amount of interest incurred in that time period. Round your answer to the nearest dollar. Your...

Extracted text: Question 1 You borrow 1000 from a friend at a simple interest rate of 6% for 4 years. Calculate the amount of interest incurred in that time period. Round your answer to the nearest dollar. Your Answer: Answer Question 2 If you borrow $1350 from a bank account today that charges 5% nominal interest per year, how much money do you owe 8 years from now if the interest is compounded monthly? Round your answer to the nearest dollar. Your Answer: Answer Question 3 You borrow $200 from a bank that charges 4% nominal interest for 14 years. If the bank uses daily compounding, calculate the effective interest rate. Write your answer in terms of percentage and round to two decimal places; example 7.42 Your Answer: