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(10 marks) Piotr takes out a loan for $3,159.00. The term of the loan is 10 years, and he will make monthly payments. The interest

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(10 marks) Piotr takes out a loan for $3,159.00. The term of the loan is 10 years, and he will make monthly payments. The interest rate on the loan is 7.775% compounded bi-weekly. a) What is the effective interest rate per payment period? b) If Piotr is going to repay the loan with level payments, what is the monthly payment amount? c) Fill in the first 3 rows of the loan amortization table

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