Suppose you borrowed $25,000 for a car at an APR of 8%, which you are paying off with monthly payments of $510 for 5 years.

Question

a) What’s the loan principal?
b) What’s the annual interest rate?
c) How many payments do you make in a year?
d) What’s the loan term?
e) What’s the payment amount?
f) How many loan payments does the loan require?
g) What is the total amount paid over the full term of the loan?
h) Of the total amount paid, what percentage is paid toward the principal?
i) Of the total amount paid, what percentage is paid for interest?

Answer 1

I have now answered several of your questions
You have not shown any steps or signs that you understand these problems.

Questions a) - f) are just terms that are found right in the question.

from g) on they follow the same type as your other problems.

you try it.
Let me know what you get.