Based on the information below, choose the correct answers.

Note: The monthly loan payment was calculated at 119 payments of $330.38 plus a final payment of $329.73.

Loan Balance: $25,000.00

Loan Interest Rate: 10.0%

Monthly Loan Payment: $330.38

Number of Payments: 120

Cumulative Payments: $39,644.95

Total Interest Paid: $14,644.95

On average, what dollar amount of each monthly payment is interest? $

What percent of the total payments is total interest? %

Question

Leland

Mathematics

3 February, 05:29

Based on the information below, choose the correct answers.

Note: The monthly loan payment was calculated at 119 payments of $330.38 plus a final payment of $329.73.

Loan Balance: $25,000.00

Loan Interest Rate: 10.0%

Monthly Loan Payment: $330.38

Number of Payments: 120

Cumulative Payments: $39,644.95

Total Interest Paid: $14,644.95

On average, what dollar amount of each monthly payment is interest? $

What percent of the total payments is total interest? %

+4

Answers (1)

Know the Answer?

Mcneil · Answer 1

Since there are 120 payment and the total interest paid was $ 14,644.95. so the average monthly interest can be calculated by:

Average monthly interest = $ 14,644.95 / 120

Average monthly interest = $ 122.04

% total interest = ($ 14,644.95) / $ 39,644.95 x 100

% total interest = 36.94 %