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Based on the information below, choose the correct answer.

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? ____ %

Respuesta :

Aliwohaish12
The dollar amount of each monthly payment is interest
7,865.87÷120=65.55

The percent of the total payments is total interest
(7,865.87÷27,865.87)×100=28.2%

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