1) Find the simple interest earned after 3 years on $500 at an interest rate of 6% 2) Loren lent his brother $3,000 to help him buy a car. In 4 years his brother paid him back the $3,000 plus $660 in interest. What was the rate of interest? 3) Hang borrowed $7,500 from her parents to pay her tuition. In 5 years, she paid them $1,500 interest in addition to the $7,500 she borrowed. What was the rate of interest? Problem 3-12A Preparation of financial statements 106, 7 eXcel CHECK FIGURES: 1. Adjustments columns = $21,262; Adjusted trial balance columns = $235,120; 2. Loss = $41,820 Required 1. Using the format presented in Problem 3-11A, complete the adjusted trial balance by including the adjusting entries prepared in Problem 3-11A. 2. Prepare an income statement, a statement of changes in equity, and a balance sheet based on the adjusted trial balance completed in Part 1. Assume that the owner, Eli Arrow, made an investment during September of $3,600. Analysis Component: Assume that total assets reported at August 31, 2020, were $76,900. Determine what total liabilities and equity were on that date and comment on the change in the financial position from August to September