Required:

1. What is the annual payment (round to the nearest $)?

$

2. What are the total interest payments (round to the nearest $)?

$

3. After 29 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?

%

4. After 29 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 3% (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 29 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?

%

8. After 29 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?

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 $349,000 Interest Rate 15.4% Life 52 years Date of Loan January 1, 2021 Use the installment method - not straight line Do NOT round any intermediate numbers. Do NOT turn this into a monthly problem. Do NOT put in minus signs, answer all positive numbers. Required: 1. What is the annual payment (round to the nearest $)? $ 2. What are the total interest payments (round to the nearest $)? 3. After 29 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 4. After 29 payments have been made, percentage of the total principal (round to nearest percentage point)? % Redo the problem if the interest rate is 3% (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 29 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)