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Calculate the interest component of payment

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Question - The interest rate on a $11,000 loan is 8.4% compounded semiannually. Semiannual payments will pay off the loan in seven years. (Do not round the intermediate calculations.

a. Calculate the interest component of Payment 10. Interest component of Payment 10 is $.

b. Calculate the principal component of Payment 3. Principal component of Payment 3 is $.

c. Calculate the interest paid in Year 6. Interest paid in Year 6 is $.

d. How much do Payments 3 to 6 inclusive reduce the principal balance? Principal reduction by Payments 3 to 6 inclusive is $.

Reference no: EM132591559

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