The first file is for a client named Mary, who has a mortgage with the bank. You go through the file and note the following information for Marys mortgage

• Initial loan: $680,000
• Term of loan: 25 years
• Repayment frequency: End of each fortnight
• Interest rate on loan: 12=i12=5.8%

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 Marys repayments using the information given above. Give your answer to the nearest cent