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  1. business
  2. accounting
  3. consider the following loan. complete parts (a)-c)

Consider the following loan. Complete parts (a)-c) below. An individual borrowed $65,000 at an APR...

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Accounting

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Consider the following loan. Complete parts (a)-c) below. An individual borrowed $65,000 at an APR of 5%, which will be paid off with monthly payments of $388 for 24 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 $0 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.)

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