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The interest rate on a $15,400 loan is 9.8% compounded semiannually. Semiannual payments will pay off the loan in eight years. (Do not round

The interest rate on a $15,400 loan is 9.8% compounded semiannually. Semiannual payments will pay off the loan in eight years. (Do not round intermediate calculations. Round the PMT and final answers to 2 decimal places.) a. Calculate the interest component of Payment 11. Interest b. Calculate the principal component of Payment 7. Principal c. Calculate the interest paid in Year 7. Interest paid d. How much do Payments 7 to 10 inclusive reduce the principal balance? Principal reduction %24

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