Question: A $30,000 loan at 6.7% compounded annually requires monthly payments of $450. a. Calculate the interest component of Payment 29. b. Calculate the principal component

A $30,000 loan at 6.7% compounded annually requires monthly payments of $450.
a. Calculate the interest component of Payment 29.
b. Calculate the principal component of Payment 65.
c. Calculate the final payment.

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