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

Loan amount $$857,000$

Interest Rate $11\mathrm{.}4\%$

Life $56$ years

Date of Loan January $1,2023$

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:

$1.$ What is the annual payment $($round to the nearest $$)?$

$

$2.$ What are the total interest payments $($round to the nearest $$)?$

$

$3.$ After $34$ payments have been made, what percentage of the total interest has been paid $($round to the nearest percentage point$)?$

$\%$

$4.$ After $34$ 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 $3\%$

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

Required:

$5.$ What is the annual payment $($round to the nearest $$)?$

$

$6.$ What are the total interest payments $($round to the nearest $$)?$

$

$7.$ After $34$ payments have been made, what percentage of the total interest has been paid $($round to the nearest percentage point$)?$

$\%$

$8.$ After $34$ payments have been made, what percentage of the total principal has been paid $($round to the nearest percentage point$)?$

$\%$