Question 2 [6 points) NorthCo takes out a $11,000 loan that charges 7 25% interest compounded semi-annually has foxed quarterly payments of $700 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 5th payment? Principal = $ 0.00 c) What is the total interest paid for payments 3 through 6? Interest - $ 0.00 Question 2 [6 points) NorthCo takes out a $11,000 loan that charges 7 25% interest compounded semi-annually has foxed quarterly payments of $700 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 5th payment? Principal = $ 0.00 c) What is the total interest paid for payments 3 through 6? Interest - $ 0.00