You borrow money on a self liquidating installment loan (equal payments at the end of...
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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 5616.000 Interest Rate 11.6% 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 59 years Redo the problem if the interest rate is 2% (for a well designed spreadsheet this should take 30 seconds Required: 5. What is the annual payment fround to the nearest sp 6. What are the total interest payments fround to the nearest ) 7. Aftet 22 payments have been wat percentage of the total interest has been paid ound to the nearest percentage port? 8. After 22 payments have been made what percentage of the total principal has been paid ground to the nearest percentage point
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