Consider the following loan. Complete parts (a)-(c) below.

An individual borrowed $66,000 at an APR of 5%, which will be paid off with monthly payments of $394 for 24 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 $________. The annual interest rate is ___% The Number of payments per year is ___. The loan term is ___ years

The payment amount is $______

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

(To calculate the total number of payments, multiply the number of payments per year, n, by the loan term, Y. Calculate the total number of payments.)

(To calculate the total amount paid, multiply the total number of payments by the payment amount, PMT. Calculate the total amount paid.)

c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest?

(To calculate the percentage paid toward the principal, divide the principal amount by the total amount paid. To convert the answer to a percent, multiply by 100 and include the % sign)