Compute the amount of the semiannual payment on a 15-year, $355,000 loan with an annual interest rate of 7%. Principal $355,000 Term 15 years Interest rate 1 7% Payments per year 2 Interest rate 2 8% Required: a. Compute the amount of each of the semiannual loan payments assuming the annual interest rate is 7%. b. Compute the amount of each of the semiannual loan payments assuming the annual interest rate is 8%. c. How much does a 1% increase in interest rates cost every six months