Math Problem Statement

Consider the following loan. Complete parts​ (a)-(c) below. An individual borrowed ​$90 comma 000 at an APR of 7​%, which will be paid off with monthly payments of ​$646 for 24 years. Question content area bottom Part 1 a. Identify the amount​ borrowed, the annual interest​ rate, the number of payments per​ year, the loan​ term, and the payment amount. The amount borrowed is ​$    enter your response here​, the annual interest rate is    enter your response here​%, the number of payments per year is    enter your response here​, the loan term is    enter your response here ​years, and the payment amount is ​$    enter your response here.

Solution

Ask a new question for Free

By Image

Drop file here or Click Here to upload

Math Problem Analysis

Mathematical Concepts

Loan Amortization
Interest Rate
Monthly Payments

Formulas

Monthly Payment Formula: M = P [r(1+r)^n] / [(1+r)^n – 1]
Total Payment = Monthly Payment × Number of Payments
Total Interest = Total Payment - Loan Principal

Theorems

Amortization Theorem

Suitable Grade Level

Grades 10-12