Question: You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest)

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 Date of Loan $351,000 13.5% 63 years January 1, 2021 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: 1. What is the annual payment (round to the nearest $)? 3950 2. What are the total interest payments (round to the nearest $)? 2634890 3. After 28 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 4. After 28 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? %

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Below is the Trial balance of Miss Piggy & Kermit Inc. after his first years trading: Miss Piggy & Kermit Inc Trial Balance as of 30 June 20X8 Dr. Cr $ $ Revenue 99,082 Purchases 71,409 Rent...

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 $981,000 Interest Rate 17.8% Life 54 years...

1 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 $415.000 Interest Rate 9.9% Life 64 years...

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 $694,000 Interest Rate 16% Life 43 years...

this is question number 1 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 $352,000 Interest...

Please answer. thank you! 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 $938,000 Interest...

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 $527,000 Interest Rate 13.5% Life 54 years...

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 $202.000 Interest Rate 16.1% Life 53 years...

please answer all parts and please follow the directions - thank you so much!!! 63 years You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment...

|49 years 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 $199,000 Interest Rate ||13% Life...

Please answer correctly, I will be giving thumbs up. You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest)...

Explain a hospitals rigid adherence to gross revenue determination.

Northwest Paperboard Company, a paper and allied products manufacturer, was seeking to gain a foothold in Canada. Toward that end, the company bought 40% of the outstanding common shares of Vancouver...

The ISO 3 1 0 0 0 model describes three approaches to providing assurance on risk management processes. Which of the following is one of these approaches? A . Top - down. B . Maturity model. C ....

Oxford Computer Security uses the perpetual inventory system and makes all credit Trial balance, total debits $51,000sales on terms of 2/10, n/30. Oxford completed the following transactions during...

Feeder Computer Systems Design Ltd. (Feeder) designs and installs com puter networks for commercial customers. In December 2016, Feeder signed a contract with Magyar Telecommunications Ltd. (Magyar)...

At a major credit card bank, the percentages of people who historically apply for the Silver, Gold, and Platinum cards are 60%, 30%, and 10%, respectively. In a recent sample of customers responding...

(Classifying period and product costs, LO 5) Azilda Toy Ltd. develops, manufactures, markets, and distributes a broad range of toys and games for children, from newborns to teenagers. The principal...

1. A doctor wants to estimate the mean HDL cholesterol of all 20-to 29 year old females. How many subjects are needed to estimate the mean HDL cholesterol within 3 points with 99% confidence assuming...

Create a 200 word summary on the Juvenile Justice System than and today. Describe The Juvenile system and provide a generalizable definition. Highlight the issues in the Juvenile system and why this...

Describe the accrual accounting rate-of-retum method. What are its main strengths and weaknesses?

Identify relevant cash inflows and outflows for capital budgeting decisions that use DCF methods

Exercises in compound interest. To be sure that you understand how to use the tables in Appendix A at the end ofthis book, solve the following exercises. Ignore income tax consider ations. (The...