You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal partinterest)Loan amount$458,00012.1%59 yearsJanuary 1, 2021Interest RateLifeDate of LoanUse the installment method - not straight lineDo NOT round any interrmediate numbers.Do NOT turn this into a monthiy problem.Do NOT put in minus signs, answer all positive numbers.Required:1. What is the annual payment (round to the nearest $)?2. What are the total interest payments (round to the nearest $)?3. After 35 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?4. After 35 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 2%(for a well designed spreadsheet this should take 30 seconds)Required:5. What is the annual payment (round to the nearest $)?2$6. What are the total interest payments (round to the nearest $)?$7. After 35 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?8. After 35 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 installment loan (equal payments at the end of each year, each payment is part principal part interest) Loan amount Interest Rate Life $458,000 12.1% 59 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. Date of Loan Required: 1. What is the annual payment (round to the nearest $)?

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 $458,000 12.1% 59 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. Date of Loan Required: 1. What is the annual payment (round to the nearest $)?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 8P: Serial Installments; Amounts Applicable to Interest and Principal Ronald McDuffie purchases a new...

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