Abank just approved your small business loan for $25,000. the loan has an interest rate of 10.5% and will be repaid with 10 end-of-year payments. what is the required annual loan payment? $4,271.33 $2,980.59 $4,156.43 $3,116.40 $3,254.91 halfway through the loan's life, what is the loan’s remaining balance? $11,122 $17,513 $11,901 $13,339 $15,557 what percentage of the total payments made during the first five years will be made toward interest? 45.66% 52.93% 41.53% 54.56% 49.44%

Ans. A) The required annual loan payment is $4,156.43; B) Halfway through the loan's life, the loans balance is $15,557 C) Percentage of the total payments toward interest is 54.56%

Explanation:

Hi, well in order to find out the required annual loan payment, we have to use the following formula and solve for A.

Therefore

Now, half way through the loan´s life, we still have 5 payments to make, therefore the remaining balance is found by bringing to present value those 5 yearly payments, using the same equation mentioned above, this should look like this.

In order to find the percentage torward interest of the total payments made in the first 5 years, we had to make an amortization table (please see the attachments) so we found this

Interest (first 5 years)    $11,339.10  

total pmt (first 5 years)    $20,782.17  

% of total PMTs torward interest  54.56%

This percentage was found by: (11,339.10/20,782.17)*100=54.56%

Best of luck

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