Required:

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

$

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

$

C. After 37 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?

%

D. After 37 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 1% (for a well-designed spreadsheet this should take 30 seconds)

Required:

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

$

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

$

G. After 37 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?

%

H. After 37 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?

%

I WILL THUMBS UP!!!!!!!!!!!!

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 $442,000 Interest Rate 13.2% Life 161 years Date of Loan January 1, 2021 Use the installment method - not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. Do NOT put in minus signs, answer all positive numbers