Consider the following loan. Complete parts​ (a)-(c) below. An individual borrowed ​$80,000 at an APR of 7​%, which will

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Consider the following loan. Complete parts​ (a)-(c) below. Anindividual borrowed ​$80,000 at an APR of 7​%, which will be paidoff with monthly payments of ​$565 for 25 years. Question contentarea bottom Part 1 a. Identify the amount​ borrowed, the annualinterest​ rate, the number of payments per​ year, the loan​ term,and the payment amount. The amount borrowed is ​$    enter yourresponse here​, the annual interest rate is    enter your responsehere​%, the number of payments per year is    enter your responsehere​, the loan term is    enter your response here ​years, and thepayment amount is ​$    enter your response here. Part 2 b. Howmany total payments does the loan​ require? What is the totalamount paid over the full term of the​ loan? There are    enteryour response here payments toward the loan and the total amountpaid is ​$    enter your response here. Part 3 c. Of the totalamount​ paid, what percentage is paid toward the principal and whatpercentage is paid for​ interest? The percentage paid toward theprincipal is    enter your response here​% and the percentage paidfor interest is    enter your response here​%. ​(Round to thenearest tenth as​ needed.)