Answer Happy

1 You borrow money on a self liquidating installment ioan (equal payments at the end of each year, each payment is part principal part interest) Loan amount $971.000 Interest Rate 12.8% Life 54 years Date of Loan January 1, 2021 Use the installment method - not straight line Do NOT round any intermediate 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 $y? 2. What are the total interest payments (round to the nearest $1? 3. After 20 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point? 4. After 20 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point?

4. Ale 20 payments lave veel moue, wita percentage or wie auldi puncipales veel palu to ule nedest percentage point)? 1 % 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 20 payments have been made, what percentage of the total interest has been paid fround to the nearest percentage point)? 8. After 20 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? 1%