$10.$ TI Calculator Graded Problem Set

A bank just approved your small business loan for $$20,000.$ The loan has an interest rate of $9\mathrm{.}0\%$ and will be repaid with $10$ end$-$of$-$year payments. What is the required annual loan payment?

$$4,271\mathrm{.}33$

$$3,116\mathrm{.}40$

$$3,396\mathrm{.}03$

$$3,981\mathrm{.}65$

$$3,254\mathrm{.}91$

Halfway through the loan's life, what is the loan$$s remaining balance?

$$12,122$

$$13,339$

$$15,288$

$$16,551$

$$17,513$

What percentage of the total payments made during the first five years will be made toward interest?

$52\mathrm{.}93\%$

$41\mathrm{.}53\%$

$51\mathrm{.}22\%$

$49\mathrm{.}44\%$

$56\mathrm{.}13\%$