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. Requlred: 1. What is the annual payment (round to the nearest \$)? $ 2. What are the total Interest payments (round to the nearest \$)? $ 3. After 24 payments have been made, what percentage of the total Interest has been paid (round to the nearest percentage point)? % 4. After 24 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) Requlred: 5. What is the annual payment (round to the nearest \$)? $ 6. What are the total Interest payments (round to the nearest \$)? $ 7. After 24 payments have been made, what percentage of the total Interest has been paid (round to the nearest percentage point)? % 8. After 24 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)