Based on the information below, choose the correct answers.
Based on the information below, choose the correct answers.
Note: The monthly loan payment was calculated at 119 payments of $330.38 plus a final payment of $329.73.
Loan Balance: $25,000.00
Loan Interest Rate: 10.0%
Monthly Loan Payment: $330.38
Number of Payments: 120
Cumulative Payments: $39,644.95
Total Interest Paid: $14,644.95
On average, what dollar amount of each monthly payment is interest? $
What percent of the total payments is total interest? %
Homework Answers
Since there are 120 payments and the total interest paid was $ 14,644.95. so the average monthly interest can be calculated by:
Average monthly interest = $ 14,644.95 / 120
Average monthly interest = $ 122.04
% total interest = ($ 14,644.95) / $ 39,644.95 x 100
% total interest =36.94 %
i dont think those answers are correct and i am trying to find the total interest...
i dont think those answers are correct and i am trying to find
the total interest
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