Question 1 PLEASE SHOW WORK

You borrow a GPM of $120,000 with annual payments and 30-year term. The interest rate is 10% and the payment factors from year 1 to year 30 are: 10%, 20%, 30%, 40%, 50%, 60%, 70%, 80%, 90%, 100%, ..., 100%.

Questions:

1. a. What are the annual payments for years 1 to 30? [10 pints]
2. b. What is remaining balance at the end of each year? [8 points]
3. c. What are the interest payment and principal payment for years 1 to 30? [7 points]