Question

Based on the information below, choose the correct answers. Note: The monthly loan payment was calculated at 119 payments of $242.66 plus a final payment of $241.78.

Loan Balance: $20,000.00
Loan Interest Rate: 8.00%
Monthly Loan Payment: $242.66
Number of Payments: 120
Cumulative Payments: $29,118.32
Total Interest Paid: $9,118.32
On average, what dollar amount of each monthly payment is interest? $
What percent of the total payments is total interest? % NEXT QUESTION ASK FOR HELP

Answer 1

A=$75.99

B=$31.3

Explanation:

odyssey ware

Answer 2

Since there are 120 payments in total

Then the total interest paid is $ 9,118.32

The monthly interest = $ 9,118.32 / 120

The monthly interest = $ 75.99 per month

% total interest = ( $ 9,118.32/ 29,118.32) x 100

% total interest = 31.31 %