# The interest rate on a \$64,000 loan is 9.6% compounded semiannually. Quarterly payments will pay off...

 The interest rate on a \$64,000 loan is 9.6% compounded semiannually. Quarterly payments will pay off the loan in fifteen years. (Do not round intermediate calculations and round your final answers to 2 decimal places.)
 a. Calculate the interest component of Payment 13.
 Interest \$

 b. Calculate the principal component of Payment 52.
 Principal \$

 c. Calculate the total interest in Payments 41 to 50 inclusive.
 Total interest \$

 d. Calculate the reduction of principal in Year 5.
 Principal reduction \$ Cell reference - Hope it will help, please do comment if you need any further explanation. Your feedback would be highly appreciated.

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