The interest rate on a $59,000 loan is 8.9% compounded semiannually. Quarterly payments will pay off the loan in twelve years. (Do not round Intermedlate celculatlons and round your final answers to 2...


The interest rate on a $59,000 loan is 8.9% compounded semiannually. Quarterly payments will pay off the loan in twelve years. (Do<br>not round Intermedlate celculatlons and round your final answers to 2 declmal places.)<br>a. Calculate the interest component of Payment 10.<br>Interest<br>$.<br>1187.03<br>b. Calculate the principal component of Payment 40.<br>Principal<br>$ 1660.07<br>c. Calculate the total interest in Payments 29 to 40 inclusive.<br>Total interest<br>$ 6734.03<br>d. Calculate the reduction of principal in Year 5.<br>Principal reduction<br>$ 4095.68<br>Mc<br>Graw<br>Hill<br>< Prev<br>5 of 9<br>Next ><br>correct<br>W<br>bo<br>

Extracted text: The interest rate on a $59,000 loan is 8.9% compounded semiannually. Quarterly payments will pay off the loan in twelve years. (Do not round Intermedlate celculatlons and round your final answers to 2 declmal places.) a. Calculate the interest component of Payment 10. Interest $. 1187.03 b. Calculate the principal component of Payment 40. Principal $ 1660.07 c. Calculate the total interest in Payments 29 to 40 inclusive. Total interest $ 6734.03 d. Calculate the reduction of principal in Year 5. Principal reduction $ 4095.68 Mc Graw Hill < prev="" 5="" of="" 9="" next=""> correct W bo

Jun 09, 2022
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