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Jiefei takes out a loan for $ 1 3 , 8 9 9 . 6 0 . The term of the loan is 8 years,

Jiefei takes out a loan for $13,899.60. The term of the loan is 8 years, and he will
make weekly payments. The interest rate on the loan is 9.075% compounded bi-
weekly.
a) What is the effective interest rate per payment period?
b) If Jiefei is going to repay the loan with level payments, what is the weekly
payment amount?
c) Fill in the first 3 rows of the loan amortization table.
d) What would the nominal interest rate (compounded bi-weekly) have to be if the
weekly (level) payment amounts were $38.72?
e) If instead of level payments, Jiefei 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.
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