The interest rate on a $15,800 loan is 10.2% compounded semiannually. Semiannual payments will pay off the

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The interest rate on a $15,800 loan is 10.2% compounded semiannually. Semiannual payments will pay off the loan in seven years. (Do not round intermediate calculations. Round the PMT and final answers to 2 decimal places.)

a. Calculate the interest component of Payment 10.

b. Calculate the principal component of Payment 3.

c. Calculate the interest paid in Year 6.

d.How much do Payments 3 to 6 inclusive reduce the principal balance?

Posted Date: May 17, 2024 08:02 PM

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The interest rate on a $15,800 loan is 10.2% compounded semiannually. Semiannual payments will pay off the

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