You take out 1 $10,000 loan for 7 years at an annual interest rate of 5% and with fixed annual loan payments of $1,728.20. The percent of the first fixed payment that is applied to interest would be. .O A. 71%O B. 29%O c. 38%O D. 86%

Borrowed amount is $10,000 Annual interest rate is 5% Payment per year is $1,728.20 To Find:…

Answered: You take out 1 $10,000 loan for 7 years…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Subject.... account
onsider the following loan. Complete parts (a)-(c) below. n individual borrowed $65,000 at an APR of 5%, which will be paid off with monthly payments of $442 for 19 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 $ 65000, the annual interest rate is 5%, the number of payments per year is 12, the loan term is 19 years, and the payment amount is $ 442. b. How many total payments does the loan require? What is the total amount paid over the full term of the loan? There are 228 payments toward the loan and the total amount paid is $ 100776 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% and the percentage paid for interest is%. (Round to the nearest tenth as needed.)
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You take out 1 $10,000 loan for 7 years at an annual interest rate of 5% and with fixed annual loan payments of $1,728.20. The percent of the first fixed payment that is applied to interest would be. O A. 71% O B. 29% O c. 38% O D. 86%