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Question 2 [10 points] The Grayson Group takes out a $12,000 loan that charges 7% interest compounded semi annually has fixed quarterly payments of $500, Answer the following questions For full marks your answer should be rounded to the nearest cent. a) How long will it take to pay off the loan? Your answer should be rounded to the appropriate whole period. 0 years, 0 months b) What is the principal component of the 15" payment? Principal = $ 0.00 c) What is the interest component of the 14th payment? Interest = $ 0.00 d) How much is the principal reduced by payments ? through 4? Principal = $ 0.00 e) What is the total interest paid for payments 3 through 6? Interest = $ 0.00