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

An individual borrowed $72,000 at an APR of 5%, which will be paid off with monthly payments of $475 for 20 years.

a. Identify the amountborrowed, the annual interestrate, the number of payments peryear, the loanterm, and the payment amount.

The amount borrowed is $

72,000

72,000, the annual interest rate is

5

5%, the number of payments per year is

12

12, the loan term is

20

20 years, and the payment amount is $

475

475.

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

There are

240

240 payments toward the loan and the total amount paid is $

114,000

114,000.

c. Of the total amountpaid, what percentage is paid toward the principal and what percentage is paid forinterest?

The percentage paid toward the principal is ......

% and the percentage paid for interest is

%.

(Round to the nearest tenth asneeded.)