Question: Which statement correctly applies to this monthly loan payment calculation? PMT360 = $145,000 * [0.005/[1- 1/(1 + 0.005)3597) = $869.35 The amount borrowed equals 360

Which statement correctly applies to this monthly loan payment calculation? PMT360 = $145,000 * [0.005/[1- 1/(1 + 0.005)3597) = $869.35 The amount borrowed equals 360 x $869.35. O This is a 36-year loan. O The APR is 6 percent The annual interest rate is 0.5 percent

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