Question

Amount: $100,000
Rate: 7%
Payments: 360 @ $665.31
Total Interest: $139,511.60

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

To answer your questions, let's break down the calculations based on the information provided:

1. **How much will be repaid for this loan?**
The total repayment for the loan is calculated by multiplying the monthly payment amount by the total number of payments (360 months).

\[
\text{Total Repayment} = \text{Monthly Payment} \times \text{Number of Payments}
\]
\[
\text{Total Repayment} = 665.31 \times 360 = 239,916.60
\]

So, the total repayment for the loan is **$239,916.60**.

2. **What percentage of this total is total interest?**
The total interest paid on the loan is $139,511.60. To find the percentage of the total repayment that is interest, we use the following formula:

\[
\text{Interest Percentage} = \left(\frac{\text{Total Interest}}{\text{Total Repayment}}\right) \times 100
\]
\[
\text{Interest Percentage} = \left(\frac{139,511.60}{239,916.60}\right) \times 100 \approx 58.1\%
\]

Therefore, approximately **58.1%** of the total repayment is total interest.

3. **What will be the average amount per payment for interest?**
To calculate the average amount of interest per payment, we divide the total interest paid by the number of payments.

\[
\text{Average Interest per Payment} = \frac{\text{Total Interest}}{\text{Number of Payments}}
\]
\[
\text{Average Interest per Payment} = \frac{139,511.60}{360} \approx 387.53
\]

Thus, the average amount per payment for interest is approximately **$387.53**.

### Summary of Results:
- Total amount repaid for the loan: **$239,916.60**
- Percentage of total repayment that is total interest: **58.1%**
- Average amount per payment for interest: **$387.53**