Question

Consider the following loan. complete parts​ (a)-(c) below. an individual borrowed ​71,000 $ at an apr of ​4%, which will be paid off with monthly payments of ​462 $ for 18 years. question content area bottom part 1 a. identify the amount​ borrowed, the annual interest​ rate, the number of payments per​ year, the loan​ term, and the payment amount.

Answer 1

The loan details include an amount borrowed of $71,000, an annual interest rate of 4%, monthly payments of $462 for 18 years, with 12 payments made each year.

Step-by-step explanation:

To answer the student's question regarding the loan details:

• The amount borrowed is $71,000.
• The annual interest rate (APR) is 4%.
• The number of payments per year is 12 (monthly payments).
• The loan term is 18 years.
• The payment amount is $462 per month.

These are the basic details needed to understand the loan's structure and determine the total cost over time, including how much interest will be paid over the life of the loan.