Veronica borrowed 5000 from her uncle and the agreed upon

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Veronica borrowed $5,000 from her Uncle and the agreed upon interest rate is 4% annually (EAR) and compounds monthly?

a. What would be the result at the end of five years If she pays her uncle $100 a month?

b. If each month she pays the interest (only) on the loan, how much would this be?

Reference no: EM13566255

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