You have decided to fund your education through the National Student Loans Service Centre. You will receive $10,000 at the beginning of each of the four years of your study program during which no interest will accrue. After you graduate, you are given a 6-month grace period (non-repayment and interest-free period) after which you must begin repayment. If you want to repay your loan biweekly ( 26 payments a year) and can only afford to repay $200 every two weeks. How many years will it take you to repay your loan? Assume the interest rate is 5.5% per year, based on monthly compounding. If you want to repay your loan in 5 years, how much would each payment have to be? You have decided to fund your education through the National Student Loans Service Centre. You will receive $10,000 at the beginning of each of the four years of your study program during which no interest will accrue. After you graduate, you are given a 6-month grace period (non-repayment and interest-free period) after which you must begin repayment. If you want to repay your loan biweekly ( 26 payments a year) and can only afford to repay $200 every two weeks. How many years will it take you to repay your loan? Assume the interest rate is 5.5% per year, based on monthly compounding. If you want to repay your loan in 5 years, how much would each payment have to be