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

An individual borrowed

$61,000

at an APR of

6%,

which will be paid off with monthly payments of

$408

for

23

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

$nothing,

the annual interest rate is

nothing%,

the number of payments per year is

nothing,

the loan term is

nothing

years, and the payment amount is

$nothing.