Carlos takes out a loan for $23,868.00. The term of the loan is 10 years, and he will make bi-weekly payments. The interest rate on the loan is 4.225% compounded daily.

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

b) If Carlos is going to repay the loan with level payments, what is the daily payment amount?

c) Fill in the first 3 rows of the loan amortization table.

d) What would the nominal interest rate (compounded daily) have to be if the bi-weekly (level) payment amounts were $122.63?

e) If instead of level payments, Carlos repays the loan (with the original interest rate) with level repayment of principal (plus interest), fill in the first 3 rows of the amortization table.