Consider the following loan. Complete parts (a)-(c) below.

An individual borrowed $66,000 at an APR of 4%, which will be paid off with monthly payments of $400 for 20 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 borrow is $, the annyual interest rate is _%, the number of payments per year is _, the loan term is _ years, and the payment amount is $___.

Question

02-12-2022
Mathematics

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Consider the following loan. Complete parts (a)-(c) below.

An individual borrowed $66,000 at an APR of 4%, which will be paid off with monthly payments of $400 for 20 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 borrow is $, the annyual interest rate is _%, the number of payments per year is _, the loan term is _ years, and the payment amount is $___.

Sagot :

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