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?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Consider a student loan of $17, 500 at a fixed APR of 12 % for 15...
Consider a student loan of $17, 500 at a fixed APR of 12 % for 15 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
Consider a student loan of ​$20 comma 00020,000 at a fixed APR of 66​% for 1515...
Consider a student loan of ​$20 comma 00020,000 at a fixed APR of 66​% for 1515 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest. What is the monthly payment?
Consider a student loan of ​$15,000 at a fixed APR of 6​% for 30 years. a....
Consider a student loan of ​$15,000 at a fixed APR of 6​% for 30 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest. (Do not round until the final answer. Then round to the nearest cent as​ needed.)
Consider a home mortgage of $150,000 at a fixed APR of 6​% for 30 years. -....
Consider a home mortgage of $150,000 at a fixed APR of 6​% for 30 years. -. Calculate the monthly payment. -. Determine the total amount paid over the term of the loan. - Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is what? ​(Do not round until the final answer. Then round to the nearest cent as​ needed.) b. The total amount paid over the...
Consider a home mortgage of ?$ 150000 at a fixed APR of 4.5?% for 30 years....
Consider a home mortgage of ?$ 150000 at a fixed APR of 4.5?% for 30 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount? paid, what percentage is paid toward the principal and what percentage is paid for interest.
1.) Consider a home mortgage of $150,000 at a fixed APR of 6​% for 30 years....
1.) Consider a home mortgage of $150,000 at a fixed APR of 6​% for 30 years. -. Calculate the monthly payment. -. Determine the total amount paid over the term of the loan. - Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is what? ​(Do not round until the final answer. Then round to the nearest cent as​ needed.) b. The total amount paid over...
consider a home mortgage of $200,000 at a fixed APR of 3% for 20 years. a....
consider a home mortgage of $200,000 at a fixed APR of 3% for 20 years. a. calculate the monthly payment B. determine the total amount paid over term of the loan. c. of the total anount paid what percentage is paid toward the principal and what percentage is paid for interest.
Consider an amortizing loan. The amount borrowed initially is $21618, the interest rate is 5% APR,...
Consider an amortizing loan. The amount borrowed initially is $21618, the interest rate is 5% APR, and the loan is to be repaid in equal monthly payments over 17 years. As we know, while each monthly payment will be the same, the amounts of interest and principle paid will change from payment to payment. How much of the very first payment is interest?
Loan payments and interest: Schuyler Company wishes to purchase an asset costing ​$116,000. The full amount...
Loan payments and interest: Schuyler Company wishes to purchase an asset costing ​$116,000. The full amount needed to finance the asset can be borrowed at 14.2 % interest. The terms of the loan require equal​ end-of-year payments for the next 6 years. Determine the total annual loan​ payment, and break it into the amount of interest and the amount of principal paid for each year.   ​(​Hint:Use the techniques presented in Chapter 5 to find the loan​ payment.) The amount of...
Use an Excel worksheet to answer the following five car loan problems you borrowed money from...
Use an Excel worksheet to answer the following five car loan problems you borrowed money from your local bank to purchase a car. The bank requires you to repay the loan over 48 months and charges a fixed, annual interest rate of 6 percent. The amount of your loan is $25,000 a,How much will your loan payment be each month? b,How much of the first loan payment will go toward principal? c,How much interest will you pay during the 1st...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT