Loan Question

2 3 4 5 You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, each payment is part principal part interest) Loan $969,000 Interest Rate 14.70% Life (years) 64 Date of Loan January 1, 2020 00 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? $ 142,465 14 b) What are the total interest payments? $8,148,757 15 C) After 29 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 16 d) After 29 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 2.00% 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 29 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 25 h) After 29 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)