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 stralght line

Do NOT round any Interrmedlate 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 $20$ payments have been made, what percentage of the total Interest has been pald $($round to the nearest percentage point$)?$

$\%$

After $20$ payments have been made, what percentage of the total princlpal has been pald $($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:

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

$

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

$$1$

After $20$ payments have been made, what percentage of the total Interest has been pald $($round to the nearest percentage polnt$)?$

$\%$

After $20$ payments have been made, what percentage of the total princlpal has been pald $($round to the nearest percentage point$)?$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 stralght line

Do NOT round any Interrmedlate 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 $20$ payments have been made, what percentage of the total Interest has been pald $($round to the nearest percentage point$)?$

$\%$

After $20$ payments have been made, what percentage of the total princlpal has been pald $($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:

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

$

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

$

After $20$ payments have been made, what percentage of the total Interest has been pald $($round to the nearest percentage point$)?$

$\%$

After $20$ payments have been made, what percentage of the total princlpal has been pald $($round to the nearest percentage point$)?$