Consider the following loan. Complete parts (a)-(c) below.An individual borrowed $87,000 at an APR of 6%, which will be paid off with monthly payments of $594 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 annual interest rate is%, the number of payments per year isThe amount borrowed is $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?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.)There are%.the loan term isyears, and the

Let's break down the information provided: Amount borrowed: $87,000 Annual Percentage Rate (APR): 6%…

Answered: Consider the following loan. Complete…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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