Question: A borrower borrows on a five year loan $5,000 from a bank at 10% and will pay back the loan in sixty equal $ payments

A borrower borrows on a five year loan $5,000 from a bank at 10% and will pay back the loan in sixty equal $ payments (monthly) at the end of each time period.How much is each equal payment, how much principal and interest is paid back, and how much interest is paid back?(Note-since the borrower repays the loan monthly, the % is divided by 12 and the exponent (5 years) is multiplied by 12).Also since it is a loan(payment), calculate the factor and then divide the factor into the $5,000, do not multiply the factor by the $5,000.(.10/12) = 8.333333333^- 03 = (.008333333)

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