Question

Consider a student loan of $12 comma 500 at a fixed APR of 9% for 15 years.
a. Calculate the monthly payment.
b. Determine the total amount paid over the term of the loan.
c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
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Part 1
a. The monthly payment is $
  
enter your response here.
(Do not round until the final answer. Then round to the nearest cent as needed.)

Answer 1

104.9 idk

Answer 2

The Monthly payment is $104.9
The Total amount paid over the term of the loan is #31470

Answer 3

The monthly payment is approximately $126.78 And the Loan Amount (Principal) is: $12,500
Annual Interest Rate: 9%
Loan Term: 15 years
So the Calculations are:
Monthly Payment: $126.78
Total Amount Paid: $22,821.00
Interest Paid: $10,321.00
Percentages:
Principal: 54.77%
Interest: 45.23%