You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest) 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 23 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 4. After 23 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% 3. After 23 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? \% 4. After 23 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 23 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 8. After 23 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? %