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11. Semiannual payments are required on an $80,000 loan at 8.0% compounded annually. The loan has an amortization period of 15 years. Calculate the interest

11. Semiannual payments are required on an $80,000 loan at 8.0% compounded annually. The loan has an amortization period of 15 years. Calculate the interest component of Payment 5.Interim calculations should be to six decimal places; final answer to the nearest cent. Note the convention for rounding mortgage payments.

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