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Consider the following loan. Complete parts (a)-(c) below
An individual borrowed $88,000 at an APR of 6%, which will be paid off with monthly payments of $667 for 18 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 $

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okpalawalter8

The complete statements are mathematically given as

  • the amount borrowed= 88000
  • the annual interest rate= 6%
  • the number of payments per year= 12
  • The loan term= 18
  • the payment amount.=8004

What is the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount.?

Generally,  The transfer of money, products, or services in return for other goods and services in proportions that have been previously agreed upon and deemed acceptable is what is meant by the term "payment."

In conclusion, the amount borrowed= 88000

the annual interest rate= 6%

the number of payments per year= 12

The loan term= 18

the payment amount.=667*12

the payment amount.=8004

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