A $32,000 loan at 12% compounded quarterly is to be repaid by equal quarterly payments over a

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A $32,000 loan at 12% 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?(Round your answer to 2 decimal places.)

.b.What will be the interest portion of the twenty-second payment?(Round your answer to 2 decimal places.)

.c.How much will the loan's balance be reduced by Payments 10 to 15 inclusive?(Round your answer to 2 decimal places.)

.d.How much interest will be paid in the second year?(Round your answer to 2 decimal places.)

Interest paid in the second year $.

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Posted Date: May 19, 2024 09:12 AM

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A $32,000 loan at 12% compounded quarterly is to be repaid by equal quarterly payments over a

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