The interest rate on a $14,500 loan is 8.9% 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 5. Principal c. Calculate the interest paid in Year 7. Interest paid $ d. How much do Payments 5 to 8 inclusive reduce the principal balance? Principal reduction A