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Part 1 I have a $83,000 loan with an APR of 3%, which I will be paid off with monthly payments of $460 for 20 years.
A. The amount that I borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount would be:
- The amount borrowed $83,000
- the annual rate is 3%
- the number of payments per year would be 12
- the loan term would be for 20 years the payment amount is $ 460
B. How many total payments does the loan require? What is the total amount paid over the full term of the loan?
There are ---? Payments towards the loan and the total amount paid is $----?
C. Of the total amount paid, what percentage will be paid towards the principle and what percentage is paid for interest?
the percentage paid towards the principle is ---% ?
and the percentage paid for interest is ---% ?
please help me to ROUND question C to the NEAREST TENTH
Part 2
I have two loans. The first loan is for $15,000 with an APR of 8% for 15 years and the second is for $ 10,000 with an APR of 9.5 % for 20 years.
Can you help me find the ---% that would be paid as well as the ----% paid towards the interest of both loans?