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 $579,000 Interest Rate 17.3% 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. 155 years Required: 1. What is the annual payment (round to the nearest $)? $ 2. What are the total Interest payments (round to the nearest $)? S 3. After 22 payments have been made, what percentage of the total Interest has been paid (round to the nearest percentage point)? % 4. After 22 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 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 22 payments have been made, what percentage of the total Interest has been pald (round to the nearest percentage point)? % 8. After 22 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? %