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? Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for​ interest? An individual borrowed ​$72,000 at an APR of 6​%, which will be paid off with monthly payments of ​$546 for 18

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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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?

Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for​ interest?

An individual borrowed

​$72,000

at an APR of

6​%,

which will be paid off with monthly payments of

​$546

for

18

years.

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