Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help of you can! thank you in advance Required Loan Help Save & Ext Submit 1 50 years You borrow money on a self

please help of you can! thank you in advance image text in transcribed
image text in transcribed
Required Loan Help Save & Ext Submit 1 50 years You borrow money on a self liquidating installment loan lequal payments at the end of each year, each payment is part principal part interest) Loan amount $390,000 Interest Rate 122 Life Date of Loan January 1, 2021 Use the installment methodnot straight line Do NOT round any intermediate numbers Do NOT turn this into a monthly problem Do NOT putin minus signs, answer all positive numbers Required: 1. What is the annual payment (round to the nearest Sy? 5 2. What are the total Interest payments (round to the nearest $? $ 3. After 30 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point? Help Save & Exit Submit 4. After 30 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 2% (for a well designed spreadsheet this should take 30 seconds) Required: 5. What is the annual payment (round to the nearest $)? $ 6. What are the total interest payments (round to the nearest $)? $ 7. After 30 payments have been made, what percentage of the total interest has been paid fround to the nearest percentage point? 8. After 30 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Prepare the two-step, three panel, metrics approach with schedules.

Answered: 1 week ago

Question

1. How might volunteering help the employer and the employee?

Answered: 1 week ago