Question: The interest rate on a $ 1 5 , 5 0 0 loan is 9 . 9 % compounded semiannually. Semiannual payments will pay off
The interest rate on a $ loan is compounded semiannually. Semiannual payments will pay off the loan in eight years. Do not round intermediate calculations. Round the PMT and final answers to decimal places.
a Calculate the interest component of Payment
Interest
$
b Calculate the principal component of Payment
Principal $
c Calculate the interest paid in Year
Interest paid
$
d How much do Payments to inclusive reduce the principal balance?
Principal reduction
$
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