can you show the work how to get the answer

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	$408,000
Interest Rate	13.3%
Life	66 years
Date of Loan	January 1, 2023

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 $)?

$ 54,278 1

2. What are the total interest payments (round to the nearest $)?

$ 3,174,368 1

3. After 37 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?

63 1 %

4. After 37 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?

3 1 %

Redo the problem if the interest rate is 3% (for a well designed spreadsheet this should take 30 seconds)

Required:

5. What is the annual payment (round to the nearest $)?

$ 14,268 1

6. What are the total interest payments (round to the nearest $)?

$ 533,702 1

7. After 37 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?

74 1 %

8. After 37 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?

33 1 %