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60 years You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part
60 years You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest) Loan amount $758,000 Interest Rate 13.1% Life Date of Loan January 1, 2021 Use the installment method - not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. DO NOT put in minus signs, answer all positive numbers. Required: 1. What is the annual payment (round to the nearest $)? $ 2. What are the total interest payments (round to the nearest $)? $ 3. After 33 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 4. After 33 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)
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