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		$333,000
Interest Rate		10.80%
Life (years)		65
Date of Loan		January 1, 2015
Use the installment method - not straight line
Do NOT round any interrmediate numbers.
a) What is the annual payment?
b) What are the total interest payments?
c) After 35 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?
d) After 35 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?
For your own edification, redo the problem if the interest rate is 3% and find the answer to part d (for a well designed spreadsheet this should take 30 seconds)