Answer Happy

You borrow money on a self liquidating installment loan (equal
payments at the end of each year, each payment is part principal
part interest)
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 16 payments have been
made, what percentage of the
total interest has been paid (round to
the nearest percentage point)?
%
4. After 16 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 16 payments have been
made, what percentage of the
total interest has been paid (round to
the nearest percentage point)?
%
8. After 16 payments have been made,
what percentage of the
total principal has been paid (round to
the nearest percentage point)?