Consider the following loan. Complete parts(a)-(c) below.An individual borrowed $61 comma 00061,000 at an APR of 55%, which will be paid off with monthly payments of $403403 for 2020 years.a. Identify the amountborrowed, the annual interestrate, the number of payments peryear, the loanterm, and the payment amount.The amount borrowed is $61,00061,000, the annual interest rate is 55%, the number of payments per year is 1212, the loan term is 2020 years, and the payment amount is $403403.b. How many total payments does the loanrequire? What is the total amount paid over the full term of theloan?There are nothing payments toward the loan and the total amount paid is $nothing.

\f