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How much interest will be paid in the second year

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Question - A $26,000 loan at 8% compounded quarterly is to be repaid by equal quarterly payments over a seven-year term.

a. What will be the principal component of the sixth payment?

b. What will be the interest portion of the twenty-second payment?

c. How much will the loan's balance be reduced by Payments 10 to 15 inclusive?

d. How much interest will be paid in the second year?

Reference no: EM132605314

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