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	$444,000
Interest Rate	11.7%
Life	43 years
Date of Loan	January 1, 2021

Required:

1. What is the annual payment (round to the nearest $)?

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

3. After 17 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?

4. After 17 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 17 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?

8. After 17 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?