Question

Amount: $225,000

Rate: 7 %
Payments: 360 @ $1,496.93
Total Interest: $313,894.80

How much will be repaid for this loan? $
What percentage of this total is total interest? %
What will be the average amount per payment for interest? $

Answer 1

1) $538,894.8

2) 58.24%

3). 871.93

Explanation:

1) Total amount which will be repaid = Amount + total interest =

= $538,894.8

2) Let the percentage of total amount that is interest be x

x% ×538,894.8 = 313894.8

x = 58.24%

3) Average amount per payment for interest =

$871.93

Answer 2

1) $538,894.8

2) 58.24%

3). 871.93

Explanation:

1) Total amount which will be repaid = Amount + total interest =

= $538,894.8

2) Let the percentage of total amount that is interest be x

x% ×538,894.8 = 313894.8

x = 58.24%

3) Average amount per payment for interest =
`(Total interest)/(No. of payments)`

= $871.93