Question: Chris has two loans which both require payments to be made at the end of every week. With Loan 1 he borrowed $46553 and is

Chris has two loans which both require payments to be made at the end of every week. With Loan 1 he borrowed $46553 and is repaying interest only. He will repay the principal after 6 years. With Loan 2 he borrowed $26642 and is repaying principal and interest each week over a period of 4 years. It is now 3 years since both loans were taken out and the interest rate continues to be 8.02% p.a.compounded weekly. What is the total amount Chris must pay this week? (Assume 52 weeks per year. Give your answer to the nearest cent, omitting the dollar sign.)

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