Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 5 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 10 Aug 2017 My Price 6.00

self liquidating installemnt loan

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   $333,000                
Interest Rate   10.80%                
Life (years)   65                
Date of Loan   January 1, 2015                
                     
                     
Use the installment method - not straight line                  
Do NOT round any interrmediate numbers.                  
                     
a) What is the annual payment?                    
b) What are the total interest payments?                  
c) After 35 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?      
d) After 35 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)?      
                     
For your own edification, redo the problem if the interest rate is 3% and find the answer to part d (for a well designed spreadsheet this should take 30 seconds)

 

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Aug 2017 11:08 AM My Price 6.00

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