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Accounting Question $943,000 Loan Interest Rate Life (years) Date of Loan 43 Use the installment method - not straight line Do NOT round any interrmediate
Accounting Question
$943,000 Loan Interest Rate Life (years) Date of Loan 43 Use the installment method - not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. a) What is the annual payment? b) What are the total interest payments? c) After 17 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? d) After 17 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? Redo the problem if the interest rate is e) What is the annual payment? What are the total interest payments? g) After 17 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? h) After 17 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? 2.00%Step by Step Solution
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