You borrow money on a self liquidating installment loan $($equal payments at the end of each year, each payment is part

principal part interest$)$

Use the installment method $-$ not straight line

Do NOT round any interrmediate numbers.

Do NOT turn this into a monthly problem.

Do NOT put in minus signs, answer all positive numbers.

Required:

What is the annual payment $($round to the nearest $$)?$

$

What are the total interest payments $($round to the nearest $$)?$

$

After $31$ payments have been made, what percentage of the total interest has been paid $($round to the nearest

percentage point$)?$

$\%$

After $31$ 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 $2\%$

$($for a well designed spreadsheet this should take $30$ seconds$)$

Required:

What is the annual payment $($round to the nearest $$)?$

$

What are the total interest payments $($round to the nearest $$)?$

$

After $31$ payments have been made, what percentage of the total interest has been paid $($round to the nearest

percentage point$)?$

$\%$

After $31$ payments have been made, what percentage of the total principal has been paid $($round to the nearest

percentage point$)?$