Question: What did I do wrong? The answer was $171.57. 1. A $40,000 loan at 6.6% compounded monthly will be repaid by monthly payments over ten

What did I do wrong? The answer was $171.57.

1. A $40,000 loan at 6.6% compounded monthly will be repaid by monthly payments over ten years. a. Calculate the interest component of Payment 35 . b. Calculate the principal component of Payment 63 . c. Calculate the reduction of principal in Year 1 . d. Calculate the reduction of principal in Year 10. 2. Monthly payments are required on a $45,000 loan at 6.0% compounded monthly. The loan has an an CPT FV =31,430.220.0055CPTPMT=449.9068 N=34=172.8662N=1012 i/y=6.6112i/y=6.6112pV=40,000 PV=40,000PMT=449.9171.57

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