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(10 marks) Sebhat takes out a loan for $5,896.80. The term of the loan is 8 years, and he will make monthly payments. The interest

(10 marks) Sebhat takes out a loan for $5,896.80. The term of the loan is 8 years, and he will make monthly payments. The interest rate on the loan is 5.150% compounded weekly.

a) What is the effective interest rate per payment period?

b) If Sebhat 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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