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I need this to be soled You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment
I need this to be soled
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 $168,000 Interest Rate 13% 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. 63 years Required: 1. What is the annual payment (round to the nearest $)? $ 2. What are the total interest payments (round to the nearest $)? $ 3. After 25 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 4. After 25 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 1% (for a well designed spreadsheet this should take 30 seconds) Required: 5. What is the annual payment (round to the nearest $)? $ ta 6. What are the total interest payments (round to the nearest $)? $ 7. After 25 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 8. After 25 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? %Step by Step Solution
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