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Suppose you lend $29,000 to a friend at an APR of 6.00%. Your friend wil pay you back beginning next month with 48 montily installments.

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Suppose you lend $29,000 to a friend at an APR of 6.00%. Your friend wil pay you back beginning next month with 48 montily installments. You can reinvest the payments you receive in your money market account at an APR of 1.70%. calculated monthly. a. How much will your friend pay you each month? b. How much will you have in your acoount at the end of 48 monchs? (to nearest \$) What is your effective annual return (EAR)

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