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 $661,000 Interest Rate 15% Life 63 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 26 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? %

4. After 26 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: 5. What is the annual payment (round to the nearest $)?

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

7. After 26 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? %

8. After 26 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? %