Business, 06.05.2020 02:34 1r32tgy5hk7
You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, each payment is part principal part interest) Loan $331,000 Interest Rate 15.40% Life (years) 48 Date of Loan January 1, 2020 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 21 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? d) After 21 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 1.00% (for a well designed spreadsheet this should take 30 seconds) e) What is the annual payment? f) What are the total interest payments? g) After 21 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? h) 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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You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, eac...
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