Consider the following loan. Complete parts (a)-(c) below.
An individual borrowed $71 comma 000 at an APR of 3%, which will be paid off with monthly payments of $426 for 18 years.
a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount.
b. How many total payments does the loan require? What is the total amount paid over the full term of the loan?
c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest?

Question

20-06-2024
Mathematics

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Consider the following loan. Complete parts (a)-(c) below.
An individual borrowed $71 comma 000 at an APR of 3%, which will be paid off with monthly payments of $426 for 18 years.
a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount.
b. How many total payments does the loan require? What is the total amount paid over the full term of the loan?
c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest?

Sagot :

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