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