Question: Question 5 [10 points] Text Tech takes out a $14.000 loan that charges 4 25% interest compounded semi-annually has fixed quarterly payments of $450 Answer

Question 5 [10 points] Text Tech takes out a $14.000 loan that charges 4 25% interest compounded semi-annually has fixed quarterly payments of $450 Answer the following questions For full marks your answer should be rounded to the nearest cont a) How long will it take to pay off the loan? Your answer should be rounded to the appropriate whole period 0 years. O months b) What is the principal component of the 25th payment? Principal = $ 0.00 c) What is the interest component of the 13th payment? Interest - $ 0.00 d) How much is the principal reduced by payments through 4? Principal - $ 0.00 e) What is the total interest paid for payments 27 through 307 Interest - $ 0.00

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