Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Consider the following loan. Complete parts​ (a)-(c) below.
An individual borrowed ​$71 comma 000 at an APR of 3​%, which will be paid off with monthly payments of ​$426 for 18 years.
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?
c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for​ interest?

Sagot :

Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.