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

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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 $492,000 Interest Rate 9.3% Life 52 years Date of Loan January 1, 2023 ok 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 $)? nces $ 46209 2. What are the total interest payments (round to the nearest $)? $ 3. After 21 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 4. After 21 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 1% (for a well designed spreadsheet this should take 30 seconds) Required: 5. What is the annual payment (round to the nearest $)? 50 D7 1 loa 2 int 3 life 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 31 2235 28 29 30

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