Answer:
1)
The amount of each monthly payment on interest= $117.95675
2)
The percent of the total payments is total interest is:
32.06%
Step-by-step explanation:
We are given the information as:
The monthly loan payment was calculated at 119 payments of $367.96 plus a final payment of $367.57.
Loan Balance: $30,000.00 .
Loan Interest Rate: 8.25%
Number of Payments: 120
Monthly Loan Payment: $367.96
Cumulative Payments: $44,154.81
Total Interest Paid: $14,154.81 .
1)
The amount of monthly payment on interest is equal to the total interest paid divided by the number of months:
i.e. Monthly payment on interest=[tex]\dfrac{14154.81}{120}=$117.95675[/tex]
Hence, the amount of each monthly payment on interest= $117.95675.
2)
What percent of the total payments is total interest ?
It is equal to total interest divided by the total payment multiplied by 100.
i.e. [tex]\dfrac{14,154.81}{44,154.81}\times 100=32.06\%[/tex]
