What would be the result at the end of five years

Reference no: EM13262016

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: EM13262016

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