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What percentage of the total interest has been paid

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Reference no: EM132506614

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                              $504,000
Interest Rate                     13.80%
Life (years)                         49
Date of Loan               January 1, 2020

  1. Use the installment method - not straight line
  2. Do NOT round any intermediate numbers.
  3. Do NOT turn this into a monthly problem.

Question a) What is the annual payment?

Question b) What are the total interest payments?

Question c) After 27 payments have been made, what percentage of the total interest has been paid ( round to the nearest percentage point)?

Question d) After 27 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?

Reference no: EM132506614

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