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
Related Recommendation
Calculate Monthly Payment for a $25,000 Loan at 8.5% APR Over 25 Years
Monthly Payments and Interest Calculations for Car Loans under $35,000
Student Loan Amortization for $20,000 at 9% APR Over 20 Years
Student Loan Calculation: Monthly Payments, Total Amount Paid, and Interest Breakdown for a $5,000 Loan at 6% APR
Student Loan Monthly Payments and Consolidation Calculation