The interest rate on a $64,000 loan is 9 6 compounded semiannually Quarterly payments will pay off the loan in fifteen years (Do not round intermediate calculations and round your final answers to 2 decimal places ) a Calculate the interest component of Payment 13 Interest $ b Calculate the principal component of Payment 52 Principal $ c Calculate the total interest in Payments 41 to 50 inclusive Total interest $ d Calculate the reduction of principal in Year 5 Principal reduction $

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Question: The interest rate on a $64,000 loan is 9.6% compounded semiannually. Quarterly payments will pay off the loan in fifteen years. (Do not round intermediate

The interest rate on a $64,000 loan is 9.6% compounded semiannually. Quarterly payments will pay off the loan in fifteen years. (Do not round intermediate calculations and round your final answers to 2 decimal places.)

a.	Calculate the interest component of Payment 13.

Interest

b.	Calculate the principal component of Payment 52.

Principal

c.	Calculate the total interest in Payments 41 to 50 inclusive.

Total interest

d.	Calculate the reduction of principal in Year 5.

Principal reduction

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