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Consider the following loan. Complete parts (a)-(c) below. An individual borrowed $90,000 at an APR of 3%, which will be paid off with monthly payments of $452 for 23 years. a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ 90,000 , the annual interest rate is 3 %, the number of payments per year is 12, the loan term is 23 years, and the payment amount is $ 452 b. How many total payments does the loan require? What is the total amount paid over the full term of the loan? There are 276 payments toward the loan and the total amount paid is $ 134,752 c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest? The percentage paid toward the principal is % and the percentage paid for interest is %. (Round to the nearest tenth as needed.)

Consider the following loan. Complete parts (a)-(c) below. An individual borrowed $90,000 at an APR of 3%, which will be paid off with monthly payments of $452 for 23 years. a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ 90,000 , the annual interest rate is 3 %, the number of payments per year is 12, the loan term is 23 years, and the payment amount is $ 452 b. How many total payments does the loan require? What is the total amount paid over the full term of the loan? There are 276 payments toward the loan and the total amount paid is $ 134,752 c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest? The percentage paid toward the principal is % and the percentage paid for interest is %. (Round to the nearest tenth as needed.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Part C.
Consider the following loan. Complete parts (a)-(c) below. An individual borrowed $90,000 at an APR of 3%, which will be paid off with monthly payments of $452 for 23 years. a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ 90,000 , the annual interest rate is 3 %, the number of payments per year is 12, the loan term is 23 years, and the payment amount is $ 452 b. How many total payments does the loan require? What is the total amount paid over the full term of the loan? There are 276 payments toward the loan and the total amount paid is $ 134,752 c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest? The percentage paid toward the principal is % and the percentage paid for interest is %. (Round to the nearest tenth as needed.)
Transcribed Image Text:Consider the following loan. Complete parts (a)-(c) below. An individual borrowed $90,000 at an APR of 3%, which will be paid off with monthly payments of $452 for 23 years. a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ 90,000 , the annual interest rate is 3 %, the number of payments per year is 12, the loan term is 23 years, and the payment amount is $ 452 b. How many total payments does the loan require? What is the total amount paid over the full term of the loan? There are 276 payments toward the loan and the total amount paid is $ 134,752 c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest? The percentage paid toward the principal is % and the percentage paid for interest is %. (Round to the nearest tenth as needed.)
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