Question: A $28,000 loan at 8% compounded quarterly is to be repaid by equal quarterly payments over a seven-year term. a. What will be the principal

A $28,000 loan at 8% compounded quarterly is to be repaid by equal quarterly payments over a seven-year term.
a. What will be the principal component of the sixth payment?
b. What will be the interest portion of the twenty-second payment?
c. How much will the loan’s balance be reduced by Payments 10 to 15 inclusive?
d. How much interest will be paid in the second year?

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