Question: Please help and explain step by step and provide exact formulas! Thank you! You borrow money on a self liquidating installemnt loan (equal payments at

Please help and explain step by step and provide exact formulas!

Please help and explain step by step and provide exact formulas! Thank you!

You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, each payment is part principal part interest Loan $504,000 Interest Rate 13.80% Life (years) Date of Loan January 1, 2020 49 Use the installment method - not straight line Do NOT round any intermediate numbers. Do NOT turn this into a monthly problem. a) What is the annual payment? b) What are the total interest payments? c) After 27 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? d) After 27 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)

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