AutoSave ( off) Q Loan 23142788 - Read-Only - Excel Search SHELE File Home Insert Page Layout Formulas Data Review View Add-ins Help Calibri 29 Wrap Text General Paste LA 11 ~ A" A BI U~ ~ Q- A- Merge & Center ~ ~ % 2 08 -98 Conditional Format as Cell Formatting ~ Table~ Styles ~ Clipboard Font Alignment Number Styles D8 X fx E G 2 You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, each payment is part principal part interest) 3 Loan $712,000 4 Interest Rate 13.40% 5 Life (years) 56 6 Date of Loan January 1, 2020 17 8 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 22 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 16 d) After 22 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? 17 18 Redo the problem if the interest rate is 19 1.00% 20 (for a well designed spreadsheet this should take 30 seconds) 21 22 e) What is the annual payment? 23 f) What are the total interest payments? Q Loan 23142788 e X P W SAMSUNG S ULTRA F5 F7 F8 F9 F10 E2 F4 F1 F3 F6 4. 5AutoSave ( Off Q Loan 23142788 - Read-Only - Excel Search File Home Insert Page Layout Formulas Data Review View Add-ins Help Calibri 11 - A A de Wrap Text General Paste HE E Merge & Center $ ~ % ? Conditional Format as Formatting ~ Table ~ Styles Clipboard Font Alignment Number Style D8 X V fx B D H 8 9 Use the installment method - not straight line 10 Do NOT round any interrmediate 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 22 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 16 d) After 22 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? 17 18 Redo the problem if the interest rate is 19 1.00% 20 (for a well designed spreadsheet this should take 30 seconds) 21 22 e) What is the annual payment? 23 f) What are the total interest payments? 24 g) After 22 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 25 h) After 22 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? 26 27 28 29 Q Loan 23142788 + P W O O SAMSUNG SORES5 ULTRA FI F3 F4 F5 F6 F7 F8 F9 F10 O- CO a % 2 3 5
