Answer:
$60.58
Explanation:
According to the given situation the computation of weekly payments is shown below:-
Weekly payments = Loan ÷ (1 - (1 ÷ (1 + r^n))) ÷ r
= $15,600 ÷ (1 - (1 ÷ (1.0020211 ^364))) ÷ 0.00202115
= $60.58
here r = interest rate, n = time period
Therefore for computing the weekly payment we simply applied the above formula.
So, the correct answer is $60.58