Consider the following loan. Complete parts (a)-(c) below.
An individual borrowed $66,000 at an APR of 4%, which will be paid off with monthly payments of $400 for 20 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 borrow is $__, the annyual interest rate is ___%, the number of payments per year is ___, the loan term is ___ years, and the payment amount is $___.
