Question: Redo the problem if the interest rate is 1% You borrow money on a self liquidating installment loan (equal payments at the end of each

Redo the problem if the interest rate is 1% on a self liquidating installment loan (equal payments at the end of

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 $185,000 Interest Rate 9.1% Life 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. 49 years Redo the problem if the interest rate is 1% (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 21 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 8. After 21 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? %

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