Question

Consider the following loan. Complete parts​ (a)-(c) below. An individual borrowed 71,000 at an APR of...

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 the​loan. 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 for​interest?

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