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A $29,000 loan at 12% compounded quarterly is to be repaid by equal quarterly payments over a seven-year term. a. What will be the principal
A $29,000 loan at 12% compounded quarterly is to be repaid by equal quarterly payments over a seven-year term. | |
a. | What will be the principal component of the sixth payment? (Round your answer to 2 decimal places.) |
Principal component of the sixth payment $ . | |
b. | What will be the interest portion of the twenty-second payment? (Round your answer to 2 decimal places.) |
Interest portion $ . | |
c. | How much will the loans balance be reduced by Payments 10 to 15 inclusive? (Round your answer to 2 decimal places.) |
Principal paid by Payment 10 to Payment 15 inclusive $ . | |
d. | How much interest will be paid in the second year? (Round your answer to 2 decimal places.) |
Interest paid in the second year $ . |
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