A student takes out a loan of $12,360 at a fixed APR of 5.5% for 5 years.

Question

a) What is the monthly payment? (Round to the nearest cent as needed)

b) What is the total amount paid over the term of the loan? (Round to the nearest cent as needed)

c) Of the total amount paid, what percentage is paid toward the principal? (Round to the nearest tenth of a percent)

d) Of the total amount paid, what percentage is paid toward interest? (Round to the nearest tenth of a percent)