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) Show process

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

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You Borrow money on a self-liquidating installment loan (equal payments at the

$467,000 Loan Interest Rate 16.90% Life (years) 53 Date of Loan January 1, 2017 Use the installment method not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. a) What is the annual payment? b) What are the total interest payments? c) After 22 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? d) After 22 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)

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