Question: The interest rate on a $100,000 loan is 7.2% compounded semiannually. The monthly payments on the loan are $700. a. Calculate the interest component of

The interest rate on a $100,000 loan is 7.2% compounded semiannually. The monthly payments on the loan are $700.
a. Calculate the interest component of Payment 221.
b. Calculate the principal component of Payment 156.
c. Calculate the final payment.

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