Q Loan 12008194 Saved to my Mac aSearch Sheet Share A Home Insert Page Layout Fo

Question

Q Loan 12008194 Saved to my Mac aSearch Sheet Share A Home Insert Page Layout Formulas Data Review Vievw Insert Calibri (Body) 11 A A Wrap Text Delete ????? ?Merge & Center , $, % , .00.00 Conditional Format Cel Formatting as Table Styles Paste Sort & ÷.0 E13 2 You bomow money on a self Iiquidating instale mnt loan (equal payments at the end of each year, each payment is part principal part intere st) 3 Loan 4 Interest Rate 621,000 13.80% 48 Life (years 6 Date of Loan January 1, 2018 9 Usethe installment method-not straight line 10 Do NOT round any interrmediatenumbers 11 Do NOTturn this into a monthly problem 12 $85,871.39 $85,698.00 13 alWhat is the annual payment? 14 b) What arethe total interest payments? 15 c)After 31 payments have been made,what percentage of the total interest has been paid (round to the nearest percentage point? 16 d) After 31 payments have been made, what percentage ofthetotal principal has been paid (round to the nearest percentage point)? 17 18 Redo the problem if the interest rate is 2.00% 19 20 for a well designed spreadsheet this should take 30 seconds) 21 22 e) What is the annual payment? 23 f) What are the total interest payments? 24 alAfter 31 payments have been made,what percentage of the total interest has been paid (round to the nearest percentage point? 25 h) After 31 payments have been made, what percentage ofthetotal principal has been paid (round to the nearest percentage point)? 26 27 28 29 31 32 34 35 36 37 38 Q Loan 12008194+ ??- 100%

Explanation / Answer

Part-1

Part-B

Payment 621000/PVAF 2%, 48 Interest 2%*Balance of previous year Principal Payment-Interest Balance Balance of previous year-Principal of current year

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