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Calculate the interest paid in year six

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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. Round your answers to 2 decimal places.)

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

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

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

Question d. How much do Payments 3 to 6 inclusive reduce the principal balance?

Reference no: EM132589909

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