^ it should do, it is about on par with my laptop.
You are correct or your friend is anyway the game has become more demanding on the hardware but at first I was running at 1080p with half of the settings on high but since the Doomsday update I have had to lower the resolution a little to maintain a reasonable frame rate 35-40fps but have kept my Texture/Reflection/Water settings on high.
But I expect that your system will perform about the same.
The i7 is similar in performance to my 3630qm and tbh GTA does not push it anywhere near its limit, my bottle neck is my GPU mine is a nvidia GT635m but it copes and is similar in performance to the HD7600m.
So it will definitely run but you may have to compromise on some of the settings to get a reasonable frame rate.