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Consider the following loan. Complete parts (a)-(c) below.
An individual borrowed $84,000 at an APR of 6%, which will be paid off with monthly payments of $587 for 21 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 $
the annual interest rate is
the number of payments per year is
, the loan term is 21 years,
and the payment amount is $

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Answer:

  • The amount borrowed is $84,000
  • the annual interest rate is 6%
  • the number of payments per year is 12
  • the loan term is 21 years
  • the payment amount is $587

Step-by-step explanation:

This is a reading comprehension test. All of the answers are given in the 3rd sentence of the problem statement.

(You are expected to draw on your calendar knowledge to answer the question of the number of monthly payments in a year.)

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