Use the following check digits to represent the following data, almost as in a chart

Check digits:

Sum Total Cash flow = Sum interest paid

Owe at end = $0

Sum Principal repaid = amount borrowed

Sum Total Payment = Sum Interest paid + Sum principal repaid

IRR of the cash flows = interest rate

Use the installment method

DO not turn into a monthly problem.

2 3 4 5 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 $969,000 Interest Rate 14.70% Life (years) 64 Date of Loan January 1, 2020 00 9 Use the installment method - not straight line 10 Do NOT round any interrmediate numbers. 11 DO NOT turn this into a monthly problem. 12 13 a) What is the annual payment? $ 142,465 14 b) What are the total interest payments? $8,148,757 15 C) After 29 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 16 d) After 29 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? 17 18 Redo the problem if the interest rate is 19 2.00% 20 (for a well designed spreadsheet this should take 30 seconds) 21 22 e) What is the annual payment? 23 f) What are the total interest payments? 24 g) After 29 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 25 h) After 29 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)