Your uncle has agreed to loan you $6,000 so you can go on holiday today Because you

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Your uncle has agreed to loan you $6,000 so you can go on holiday today Because you are his favourite nephew, he has agreed to loan you the money at a below market interest rate of 6 percent per year He has also agreed to a grace period of 3 years during which time no payments will be due Your first payment is due exactly 4 years from today and you will have to make payments at the end of each year to repay the loan