Question: A $57,000 loan at 10.4% compounded semiannually is to be repaid by semiannual payments of $4,500 (except for a smaller final payment). (Do not

A $57,000 loan at 10.4% compounded semiannually is to be repaid by

A $57,000 loan at 10.4% compounded semiannually is to be repaid by semiannual payments of $4,500 (except for a smaller final payment). (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. What will be the principal component of the fifteenth payment? Principal b. What will be the interest portion of the sixth payment? Interest c. How much will Payments 8 to 14 inclusive reduce the principal balance? Principal reduction d. How much interest will be paid in the fourth year? Interest paid e. What will be the final payment? Final payment

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