Consider the following loan. Complete parts (a)-(c) below. An individual borrowed $80,000 at an APR of 7%, which will
Posted: Mon Jul 11, 2022 12:51 pm
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.)