$.$ Kevan also needed a loan for the same amount $($$$8500)$ and was offered the same interest rate of

$6\mathrm{.}2\%,$ compounded weekly. However, Kevan decided to make monthly payments instead of paying

the loan all off at once after $1\mathrm{.}5$ years.

a$.$ Explain why this would be financially beneficial for Kevan. $(1$ mark$)$

b$.$ If Kevan wanted the loan to be paid off in $1\mathrm{.}5$ years, how much would each payment have to be$?(2$

marks$)$

PV

PMT

FV

RATE

PERIOD

PAYMENT

FREQUENCY

COMPOUNDING

c$.$ Determine the total loan payment amount and the interest paid for Kevan$$s loan. $(3$ marks$)$

Loan payment amount:

Total Interest Paid: