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18 April, 15:55

Note: The monthly loan payment was calculated at 119 payments of $232.22 plus a final payment of $231.69. Loan Balance: $20,000.00 Loan Interest Rate: 7.00% Monthly Loan Payment: $232.22 Number of Payments: 120 Cumulative Payments: $27,865.87 Total Interest Paid: $7,865.87 On average, what dollar amount of each monthly payment is interest? $ What percent of the total payments is total interest?

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  1. 18 April, 16:13
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    These are the given to the question above:

    Loan Balance: $20,000.00

    Loan Interest Rate: 7.00%

    Monthly Loan Payment: $232.22

    Number of Payments: 120 (10 years)

    Cumulative Payments: $27,865.87

    Total Interest Paid: $7,865.87

    What dollar amount of each monthly payment is interest? $655.49

    What percent of the total payments is total interest? 28.22%

    It is estimated that you will need an annual salary of at least $27,866.40 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans
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