An individual borrowed $63,000 at an APR of 3%, which will be paid off with monthly payments of $378 for 18 years. the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest?
(PLEASE EXPLAIN)

Question

20-06-2024
Mathematics

Answered

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An individual borrowed $63,000 at an APR of 3%, which will be paid off with monthly payments of $378 for 18 years. the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest?
(PLEASE EXPLAIN)

Sagot :

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An individual borrowed ​$63,000 at an APR of 3​%, which will be paid off with monthly payments of ​$378 for 18 years. the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for​ interest? (PLEASE EXPLAIN)

Sagot :

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An individual borrowed $63,000 at an APR of 3%, which will be paid off with monthly payments of $378 for 18 years. the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest?
(PLEASE EXPLAIN)