View the step-by-step solution to:

Question

Consider the following loan. Complete parts (a)-(c) below

An individual borrowed $72,000

at an APR of 5%, which will be paid off with monthly payments of $450 for 22 years.

A. 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 $

Top Answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question