Question: Kai has a loan with an effective rate per payment period of 0.60467%. The principal amount of the loan is $34,984.17 and the level payments

Kai has a loan with an effective rate per payment period of 0.60467%. The principal amount of the loan is $34,984.17 and the level payments are $322.48.

a) Compute the term of the loan (number of periods).

b) Kai changes his payments to $321.00 per period. Now compute how many periods it takes Kai to pay off the loan if his last payment is a balloon payment. (The effective rate per period is unchanged.)

c) What is the amount of her final payment in part b)

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