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 $

Interest Rate

Life years

Date of Loan January

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:

What is the annual payment round to the nearest $

$

What are the total interest payments round to the nearest $

$

After payments have been made, what percentage of the total interest has been paid round to the nearest percentage point

After 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

for a well designed spreadsheet this should take seconds

Required:

What is the annual payment round to the nearest $

$

What are the total interest payments round to the nearest $

$

After payments have been made, what percentage of the total interest has been paid round to the nearest percentage point

After payments have been made, what percentage of the total principal has been paid round to the nearest percentage point

Answer rating: 100% (QA)

Here are the detailed calculations Interest Rate 123 1 Annual payment Loan Amount 525000 Term 48 yea... View the full answer