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# If an individual borrowed \$60,000 at an APR of 6%, which will be paid off with monthly payments of \$387 for 25

years...

What would be the amount borrowed?

The annual interest rate?

The number of payments per year?

The loan term?

The payment amount?

Student loan of \$22,500 at a fixed APR of 6% for 30 years

a. calculate monthly payments

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.

Home mortgage loan of \$225,000 at a fixed APR of 4.5% for 15 years

a. calculate 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.

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