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Consider the following loan. Complete parts (a)-(c) below.An individual borrowed $67,000 at an APR of 3%, which will be paid off with monthly payments of 347$ 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 $____ the annual interest rate is ____, the number of payments per year is _____, the loan term is _____ years, and the payment amount is _____$  b. How many total payments does the loan require? What is the total amount paid over the full term of the loan?There are ____ payments toward the loan and the total amount paid is ____$  c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest?The percentage paid toward the principal is _____% and the percentage paid for interest is ____%.(Round to the nearest tenth as needed.)

Respuesta :

a) The amount borrowed is $67,000 the annual interest rate is 3%, the number of payments per year is 12, the loan term is 22 years, and the payment amount is $347

b) There are 12 payments per year for 22 years; multiply 12 by 22 to get the total number of payments:

[tex]12\times22=264[/tex]

To find the total amount paid, multiply the number of payments by the payment amount:

[tex]264\times347=91,608[/tex]

There are 264 payments toward the loan and the total amount paid is $91,608

c) Toward principal: $67,000

Toward interest: subtract the principal from the payment amount:

[tex]91,608-67,000=24,608[/tex]

Let 91,608 be the 100%, use a rule of three to find the % corresponding to the principal and interest:

[tex]\begin{gathered} Principal: \\ x=\frac{67,000\times100}{91,608}=73.1 \\ \\ Interest: \\ x=\frac{24,608\times100}{91,608}=26.9 \end{gathered}[/tex]The percentage paid toward the principal is 73.1% and the percentage paid for interest is 26.9%

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