1. Iveta takes out a mortgage of $100,000 to to purchase a property. The interest rate is calculated as a simple interest rate of 5% per annum. How much interest would Iveta have to pay in the six years? Give your answer in dollars to the nearest dollar.
2. A bank account earns 6% simple interest per year. If I deposit $1,000 and then do not make any additional deposits or withdrawals, what will the balance on the account be after 5 years?