Question: A $ 1 1 0 , 0 0 0 loan that charges 5 . 5 % interest compounded quarterly is repaid by monthly payments over

A $110,000 loan that charges 5.5% interest compounded quarterly is repaid by monthly payments over 12 years. 1. Calculate the principal portion of the 24th payment?2. Calculate the interest portion of the 45th payment? 3. How much will the principal be reduced by payments in the second year?4. Calculate the total interest paid in the first year.

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