Required:
1. What is the annual payment (round to the nearest $)?
$____
2. What are the total interest payments (round to the nearest $)?
$____
3. After 29 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)?
____%
4. After 29 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)