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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 $630,000 Interest Rate 17.8% Life 62 years Date of Loan January 1, 2021 Use the installment method - not straight lineDo NOT round any interrmediate numbers.Do NOT turn this into a monthly 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 25 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 4. After 25 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 3%(for a well designed spreadsheet this should take 30 seconds) Required: 5. What is the annual payment (round to…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 $572,000 Interest Rate 9.7% Life 54 years Date of Loan January 1, 2023 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. Required: 1. What is the annual payment (round to the nearest $)? $ 2. What are the total interest payments (round to the nearest $) ? $ 3. After 22 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 4. After 22 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 3% (for a well designed spreadsheet this should take 30 seconds) Required: 5. What is the annual payment (round to the nearest $)? $ 6. What are the…Accounting 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 $479,000 Interest Rate 17.2% Life 43 years Date of Loan January 1, 2021 Use the installment method - not straight lineDo NOT round any intermediate numbers.Do NOT turn this into a monthly 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 16 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? % 4. After 16 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…
- Determine the monthly payment for the installment loan. Use the installment payment formula m = 1- Amount Financed (P) $1,440 O A. $179.15 B. $35.15 O C. $125.26 O D. $366.02 P n 1+) - not Annual Percentage Rate (r) 8% Number of Payments per Year (n) 12 Time in Years (t) 4Amortization Table - Breaking Down Your Payment - No video This worksheet requires you to use the IPMT and PPMT funtions to calculate the loan balance, and the principle/interest portion of a loan payment at any given point in time. Be sure to use cell references. Initial Balance $10,000.00 Annual Interest Rate 10% Years 10 Annual Payemnt $1,627.45 Summary loan data for year 4 Balance at start of year Balance at end of year Interest paid during the year Principle paid during the yearSaved Prepare an amortization schedule for a five-year loan of $70,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank - be certain to enter "O" wherever required.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 3 4. How much interest is paid in the third year? (Do not round intermediate-calculations 2. 5
- 1 You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest) $992,000 17.4% 43 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. Loan amount Interest Rate Life Date of Loan Required: 1. What is the annual payment (round to the nearest $)? $4 2. What are the total interest payments (round to the nearest $)? $. 3. After 16 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? 1% 4. After 16 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage polint)? 1%USE THE FOLLOWING INFORMATION FOR THIS QUESTION: Installment note payable borrowed from the bank Present value interest factor from table Signed for Annual interest rate Payments are made 195,060 $7,802 $99,442 The outstanding loan balance at the end of year 3 equals what amount? $103,420 zero $287,000 unable to determine 2.77509 3 years 4% AnnuallyGiven the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Annual Interest Rate Payment 6.7% $468.39 Fill out the amortization schedule below. Interest Paid $42.28 Annual Interest Rate 6.7% Interest Paid $42.28 $ (Round to the nearest cent as needed.) Payment $468.39 Paid on Principal $426.11 Paid on Principal $426.11 $ Balance $7,150.14 Balance $7,150.14 $
- a. Complete an amortization schedule for a $19,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 6% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent Beginning Balance Year Payment Repayment of Principal Remaining Balance Interest 1 $ 2 3 b. What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Do not round intermediate calculations. Round your answers to two decimal places. % Interest % Principal Year 1: % % Year 2: % % Year 3: % % Why do these percentages change over time? 1. These percentages change over time because even though the total payment is constant the amount of interest paid each year is declining as the remaining or outstanding balance declines. II. These percentages change over time because even though the total payment is constant the amount of interest paid each year is…A loan is to be paid by installments of $800 1-month from now, $600 3-months from now, and $500 4- months from now. Instead of this payment scheme, the borrower wishes to make one single payment 2 months from now. What is the amount of the alternative single payment using a focal date of 3 months and r = 6%? A. $1890.55 B. $1905.51 C. $1896.03 D. $1901.00Prepare an amortization schedule for a five-year loan of $47,000. The interest rate is 7% per year, and the loan calls for equal annual payments. (Do not round intermediate calculations. Enter all amount as positive value. Round the final answers to 2 decimal places. Leave no cells blank - be certain to enter "O" wherever required.) Year 1 Beginning Balance $ 2 2 3 4 5 Total Payment $ Interest Payment Principal Payment Ending Balance $ How much interest is paid in the third year? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Interest paid $ How much total interest is paid over the life of the loan? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Total interest $