An individual borrowed $78,000 at an APR of 3%, which will be paid off with monthly payments of $404 for 22 years. How many total payments does the loan require? What is the total amount paid over the full term of the loan?

An individual borrowed $78,000 at an APR of 3%, which will be paid off with monthly payments of $404 for 22 years. How many total payments does the loan require? What is the total amount paid over the full term of the loan?

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

An individual borrowed

$78,000

at an APR of

3%,

which will be paid off with monthly payments of

$404

for

years.

How many total payments does the loan require? What is the total amount paid over the full term of the loan?

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