The interest rate on a $14,000 loan is 8.4% compounded semiannually. Semiannual payments will pay off the
Question:
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?
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Given PV 14000 n 27 14 i 84 2 42 Substitute into formula ...View the full answer
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