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 $882,000 Interest Rate 10 00 Life (years) 47 Date of Loan January 1, 2020 Use the installment method not straight line Do NOT round any interrmediate numbers Do NOT turn this into a monthly problem a) What is the annual payment b) What are the total interest payments c) After 30 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point) d) After 30 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 3 00 (for a well designed spreadsheet this should take 30 seconds) e) What is the annual payment f) What are the total interest payments g) After 30 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point) h) After 30 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point) 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 $882,000 Interest Rate 10 00 Life (years) 47 Date of Loan January 1, 2020 Use the installment method not straight line Do NOT round any interrmediate numbers DO NOT turn this into a monthly problem a) What is the annual payment b) What are the total interest payments c) After 30 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point) d) After 30 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 3 00 (for a well designed spreadsheet this should take 30 seconds) e) What is the annual payment f) What are the total interest payments g) After 30 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point) h) After 30 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)

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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

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 $882,000 Interest Rate 10.00% Life (years) 47 Date of Loan January 1, 2020 Use the installment method - not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. a) What is the annual payment? b) What are the total interest payments? c) After 30 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? d) After 30 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 3.00% (for a well designed spreadsheet this should take 30 seconds) e) What is the annual payment? f) What are the total interest payments? g) After 30 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? h) After 30 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? image text in transcribed

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 $882,000 Interest Rate 10.00% Life (years) 47 Date of Loan January 1, 2020 Use the installment method - not straight line Do NOT round any interrmediate numbers. DO NOT turn this into a monthly problem. a) What is the annual payment? b) What are the total interest payments? c) After 30 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? d) After 30 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 3.00% (for a well designed spreadsheet this should take 30 seconds) e) What is the annual payment? f) What are the total interest payments? g) After 30 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? h) After 30 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)