An individual borrowed$78,000at an APR of3%,which will be paid off with monthly payments of$404for22years. a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount.

HERE GIVEN MONTHLY PAYMENT IS MADE FOR 22 YEARS IT MEANS 12 PAYMENTS PER YEAR. AND OTHER DETAILS ARE…

Answered: An individual borrowed $78,000 at an…

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Probability

An individual borrowed $78,000 at an APR of 3%, which will be paid off with monthly payments of $404 for 22 years.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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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.

a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount.

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