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Thank you You borrow $160,000. The loan is structured as an amortized loan to be repaid over 5 years with 12 (end of period) payments

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You borrow $160,000. The loan is structured as an amortized loan to be repaid over 5 years with 12 (end of period) payments per year. The lender is charging you a rate of 5% APR a. What are the amortized loan payments? b. How much interest do you pay over the life of the loan? a. What are the amortized loan payments? (Round to the nearest cent) b. How much interest do you pay over the life of the loan? (Round to the nearest cent)

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