Fred loans Gail $10,000 at a nominal discount rate of 6% convertible monthly. Fred will make 3 payments to repay the loan: $5000 at the end of the 3^rd year, $4,000 at the end of the 6^th year and the balance at the end of the 9^th year.

Calculate Freds final payment. Options are in $ and are 5190, 5040, 5110, 4950, or 1000