1. **State the problem:** We are given a loan with the following details: - Principal (amount borrowed): $80,000 - Annual Percentage Rate (APR): 4% per year - Monthly payments: $444 - Loan term: 23 years We need to identify the following: - Amount borrowed - Annual interest rate - Number of payments per year - Loan term in years - Payment amount 2. **Identify each component:** - The amount borrowed is the principal, which is $80,000. - The annual interest rate is given as 4%. - Since payments are monthly, the number of payments per year is 12. - The loan term is given as 23 years. - The payment amount is $444 per month. 3. **Summary:** - Amount borrowed = $80,000 - Annual interest rate = 4% - Number of payments per year = 12 - Loan term = 23 years - Payment amount = $444 This completes part (a) of the problem.