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 Interest Rate Life Date of Loan $691,000 9.6% 53 years January 1, 2021 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 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 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 21 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 8. After 21 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? %