A $28,000 loan at 8% compounded quarterly is to be repaid by equal quarterly payments over a
Question:
a. What will be the principal component of the sixth payment?
b. What will be the interest portion of the twentysecond 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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