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Semiannual payments are required on an $99,000 loan at 8.0% compounded annually. The loan has an...

  1. Semiannual payments are required on an $99,000 loan at 8.0% compounded annually. The loan has an amortization period of 15 years. Calculate the interest component of Payment 5.

(Total: 14 marks)

Interim calculations should be to six decimal places; final answer to the nearest cent.

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