An individual borrowed $63,000 at an APR of 3%, which will be paid off with monthly payments of $378 for 18 years. the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest?
(PLEASE EXPLAIN)

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20-06-2024
Mathematics

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An individual borrowed $63,000 at an APR of 3%, which will be paid off with monthly payments of $378 for 18 years. the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest?
(PLEASE EXPLAIN)

Sagot :

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