Question: The interest rate on a $65,000 loan is 9.8% compounded semiannually. Quarterly payments will pay off the loan in twelve years. (Do not round

The interest rate on a $65,000 loan is 9.8% compounded semiannually. Quarterly

The interest rate on a $65,000 loan is 9.8% compounded semiannually. Quarterly payments will pay off the loan in twelve years. (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. Calculate the interest component of Payment 10. Interest b. Calculate the principal component of Payment 41. Principal c. Calculate the total interest in Payments 29 to 40 inclusive. Total interest d. Calculate the reduction of principal in Year 3. Principal reduction

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