Questions: Consider the following loan. Complete parts (a)-(c) below. An individual borrowed 81,000 at an APR of 3%, which will be paid off with monthly payments of 384 for 25 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 81000, the annual interest rate is 3%, the number of payments per year is 12, the loan term is 25 years, and the payment amount is 384. b. How many total payments does the loan require? What is the total amount paid over the full term of the loan? There are 300 payments toward the loan and the total amount paid is 115200. 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 (Round to the nearest tenth as needed.) %.

Transcript text: Consider the following loan. Complete parts (a)-(c) below. An individual borrowed $\$ 81,000$ at an APR of $3 \%$, which will be paid off with monthly payments of $\$ 384$ for 25 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 $\$ 81000$, the annual interest rate is $3 \%$, the number of payments per year is 12 , the loan term is 25 years, and the payment amount is $\$ 384$. b. How many total payments does the loan require? What is the total amount paid over the full term of the loan? There are 300 payments toward the loan and the total amount paid is $\$ 115200$. 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 $\square$ (Round to the nearest tenth as needed.) $\square$ \%.