Question: The interest rate on a $55,000 loan is 8.2% compounded semiannually. Quarterly payments will pay off the loan in fourteen years. (Do not round intermediate

The interest rate on a $55,000 loan is 8.2% compounded semiannually. Quarterly payments will pay off the loan in fourteen years. (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. Calculate the interest component of Payment 12 Interest b. Calculate the principal component of Payment 49 Principal c. Calculate the total interest in Payments 39 to 50 inclusive. Total interest d. Calculate the reduction of principal in Year 4 Principal reduction

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