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(16 marks) Jiefei has a loan with an effective rate per payment period of 0.54581%. The principal amount of the loan is $33,775.38 and the
(16 marks) Jiefei has a loan with an effective rate per payment period of 0.54581%. The principal amount of the loan is $33,775.38 and the level payments are $255.97. a) Compute the term of the loan (number of periods). b) Jiefei changes her payments to $255.00 per period. Now compute how many periods it takes Jiefei to pay off the loan if her last payment is a drop payment. (The effective rate per period is unchanged.) c) What is the amount of her final payment in part b)
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