The interest rate on a $ 5 5 , 0 0 0 loan is 8 . 2
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Question:
The interest rate on a $ loan is compounded semiannually. Quarterly payments will pay off the loan in fourteen years. Do not round intermediate calculations and round your final answers to decimal places.
a Calculate the interest component of Payment
Interest $
b Calculate the principal component of Payment
Principal $
c Calculate the total interest in Payments to inclusive.
Total interest $
d Calculate the reduction of principal in Year
Principal reduction $
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