Consider the following loan. Complete parts (a)-(c) below.
An individual borrowed 71,000 at an APR of 77%, which will be paid off with monthly payments of
$528f or 22 years.
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 $the annual interest rate is %, the number of payments per year is the loan term is years, and the payment amount is $.
How many total payments does the loan require, what is the total amount paid over the full term of theloan. How many total payments does the loan require. What is the total amount paid over the full term of the loan.
Of the total amount paid, what percentage is paid toward the principal and what percentage is paid forinterest?
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