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 Interest Rate 5 Life (years) Date of Loan 419,000 11.90% 50 January 1, 2019 9 Use the installment method - not straight line O Do NOT round any interrmediate numbers. 1Do NOT turn this into a monthly problem 3 a) What is the annual payment? 4 b) What are the total interest payments? 5 c) After 31 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 6 d) After 31 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? 7 8 Redo the problem if the interest rate is 2.00% O (for a well designed spreadsheet this should take 30 seconds) 2 e) What is the annual payment? 3 f) What are the total interest payments? 4 g) After 31 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 5 h) After 31 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)