Suppose you want to borrow $95,000 and you find a bank offering a 20-year loan with an APR of 5%. a. Find your regular payments

Question

Suppose you want to borrow $95,000 and you find a bank offering a 20-year loan with an APR
of 5%.
a. Find your regular payments if you pay n = 1, 12, 26, 52 times a year.
b. Compute the total payout for each of the loans in part (a).
c. Compare the total payouts computed in part (b).

a. The payment for n = 1 would be $ 7,623.05.
The payment for n = 12 would be $ 626.96.
The payment for n = 26 would be $289.18.
The payment for n = 52 would be $144.55.

(Do not round until the final answer. Then round to the nearest cent as needed.)

b. For n = 1, the total amount paid is $, for n = 12, the total amount paid is $, for n = 26,
and for n = 52, the total amount paid is $ the total amount paid is $
(Round to the nearest dollar.)

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