Consider the following loan: An individual borrowed $79,000 at an APR of 4% which will be paid

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Consider the following loan:

An individual borrowed $79,000 at an APR of 4% which will be paid off with monthly payments of $514 for 18 years.

Given:

Amount borrowed: $79,000

Annual interest rate: 4%

Number of payments per year: 12

Loan term: 18 years

Payment amount: $514

How many total payments does the loan require? What is the total amount paid over the full term of the loan?

Posted Date: Jun 27, 2024 02:16 AM

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Consider the following loan: An individual borrowed $79,000 at an APR of 4% which will be paid

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