• a) The interest rate for Mary's loan is 12=i12=5.8%. Calculate the effective monthly rate. Give your answer as a percentage to 4 decimal places.

  b) Calculate the effective fortnightly rate. Give your answer as a percentage to 4 decimal places

  c) Calculate the size of each of Mary's repayments using the information given above. Give your answer to the nearest cent

  
  
• Initial loan: $680,000 
• Repayment frequency: End of each fortnight
• Interest rate on loan: 12=i12=5.8%