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Calculate the interest component of payment

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The interest rate on a $56,000 loan is 10.2% compounded semiannually. Quarterly payments will pay off the loan in ten years. (Do not round intermediate calculations and round your final answers to 2 decimal places.)

Question 1: Calculate the interest component of Payment 8.

Question 2: Calculate the principal component of Payment 32.

Question 3: Calculate the total interest in Payments 21 to 30 inclusive.

Question 4: Calculate the reduction of principal in Year 3.

Reference no: EM132589599

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