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
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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Question
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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