Question: You have borrowed $ 5 0 0 0 from a friend. He has told you that the loan is interest free for 2 years, and

You have borrowed $5000 from a friend. He has told you that the loan is interest free for 2 years, and then 1% per month after that. You plan to repay the entire loan in one lump sum payment in 4 years time. How much will you have to repay?
Group of answer choices
$6397.50
$6840.29
$7090.42
$6096.40
$6348.67

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