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The interest rate on a $66,000 loan is 9.9% compounded semiannually. Quarterly payments will pay off the loan in fifteen years. (Do not round intermediate
The interest rate on a $66,000 loan is 9.9% 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 50. Principal $ c. Calculate the total interest in Payments 39 to 50 inclusive. Total interest $ d. Calculate the reduction of principal in Year 5. Principal reduction $
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