2 3 4 5 6 You borrow money on a self liquidating installent loan (equal payments at the end of each year, each payment is part principal part interest Loan $917,000 Interest Rate 11.50% Life (years) 57 Date of Loan January 1, 2020 9 Use the installment method - not straight line 10 DO NOT round any intermediate numbers. 11 Do NOT turn this into a monthly problem. 12 13 a) What is the annual payment? 14 b) What are the total interest payments? 15 c) After 35 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 16 d) After 35 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? 18 Redo the problem if the interest rate is 1.00% . 20 (for a wel designed spreadsheet this should take 30 seconds) 22 e) What is the annual payment? 23 What are the total interest payments? 24 e) After 35 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 25 h) After 35 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point? Q loan 23606737