self-liquidatingYou Borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest)
Loan		$775,000
Interest Rate		12.30%
Life (years)		52
Date of Loan		January 1, 2020
Use the installment method - not straight line
Do NOT round any intermediate numbers.
a) What is the annual payment?
b) What are the total interest payments?
c) After 21 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?
d) After 21 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)