You can reinvest the payments you receive in your money, Financial Management

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You can reinvest the payments you receive in your money

Suppose you lend $43000 to a friend at an APR of 6.30?%. Your friend will pay you back beginning next month with 96 monthly installments. You can reinvest the payments you receive in your money market account at an APR of 3.60%, calculated monthly.?

a. How much will your friend pay you each month?

b. How much will you have in your account at the end of 96 months (to nearest $)

c. What is your effective annual return (EAR), _._? _%

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