An individual borrowed $78,000 at an APR of 3%, which will be paid off with monthly payments of $404 for 22 years. How many total payments does the loan require? What is the total amount paid over the full term of the loan?
An individual borrowed $78,000 at an APR of 3%, which will be paid off with monthly payments of $404 for 22 years. How many total payments does the loan require? What is the total amount paid over the full term of the loan?
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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Question
An individual borrowed
$78,000
at an APR of
3%,
which will be paid off with monthly payments of
$404
for
22
years.
How many total payments does the loan require? What is the total amount paid over the full term of the loan?
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