SOLUTION: You borrowed $20000 at an APR of 9%, which you are paying off with monthly payments of $228 for 12 years.
Part (i)
Identify the loan principal.
(1)
The loan principal is
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Question 415233: You borrowed $20000 at an APR of 9%, which you are paying off with monthly payments of $228 for 12 years.
Part (i)
Identify the loan principal.
(1)
The loan principal is ____?
Part (ii)
Identify the annual interest rate.
(2) The annual interest rate is ___?
Part (iii)
How many total payments does the loan require?
The loan requires ______ payments.
Part (iv)
What is the total amount paid over the full term of the loan?
The total amount paid is $______.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
The loan principal is the amount that was borrowed. The annual interest rate is the APR. The number of monthly payments is the total number of months in 12 years (Hint: There are 12 months in one year). The total amount paid is the amount of each monthly payment times the number of payments.
John
My calculator said it, I believe it, that settles it
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