The interest rate on a $14,200 loan is 8.6% compounded semiannually. Semiannual payments will pay off the loan in nine years. (Do not round intermediate calculations. Round the PMT and final answers...

Solve all parts for likeThe interest rate on a $14,200 loan is 8.6% compounded semiannually. Semiannual payments will pay off the loan in nine years. (Do<br>not round intermediate calculations. Round the PMT and final answers to 2 decimal places.)<br>a. Calculate the interest component of Payment 12.<br>Interest<br>%24<br>b. Calculate the principal component of Payment 5.<br>Principal<br>c. Calculate the interest paid in Year 8.<br>Interest paid<br>%24<br>d. How much do Payments 5 to 8 inclusive reduce the principal balance?<br>Principal reduction<br>

Extracted text: The interest rate on a $14,200 loan is 8.6% compounded semiannually. Semiannual payments will pay off the loan in nine years. (Do not round intermediate calculations. Round the PMT and final answers to 2 decimal places.) a. Calculate the interest component of Payment 12. Interest %24 b. Calculate the principal component of Payment 5. Principal c. Calculate the interest paid in Year 8. Interest paid %24 d. How much do Payments 5 to 8 inclusive reduce the principal balance? Principal reduction

Jun 08, 2022
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