# Guy borrowed $8000 at 7.8% compounded monthly and agreed to make quarterly payments of $500 (except for

## Question:

a. How much of the eleventh payment will be interest?

b. What will be the principal component of the sixth payment?

c. How much interest will be paid by Payments 3 to 9 inclusive?

d. How much will the principal be reduced in the third year?

e. What will be the final payment?

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## Step by Step Answer:

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