Consider the following loan. Complete parts​ (a)-(c) below. An individual borrowed ​$ at an APR of ​%, which will be paid off with monthly payments of ​$ for 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 ​$
60000
60000​, the annual interest rate is
7
7​%, the number of payments per year is
12
12​, the loan term is
22
22 ​years, and the payment amount is ​$
446
446.
b. How many total payments does the loan​ require? What is the total amount paid over the full term of the​ loan?
There are
264
264 payments toward the loan and the total amount paid is ​$
117744
117744.
c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for​ interest?
The percentage paid toward the principal is
nothing​% and the percentage paid for interest is
nothing​%.
​(Round to the nearest tenth as​ needed.)