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Please help and explain step by step and provide exact formulas! Thank you! You borrow money on a self liquidating installemnt loan (equal payments at

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Please help and explain step by step and provide exact formulas! Thank you!

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 $504,000 Interest Rate 13.80% Life (years) 49 Date of Loan January 1, 2020 Use the installment method - not straight line DO NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. 18 Redo the problem if the interest rate is 2.00% 20 (for a well designed spreadsheet this should take 30 seconds) 22 e) What is the annual payment? 23 ) What are the total interest payments? 24 g) After 27 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 25 h) After 27 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)

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