On average, the dollar amount of each monthly payment that is interest is $122.04.
The percent of the total payments that is total interest is 36.9%.
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: $39,644.05
Total Interest paid: $14,644.95
On average, what dollar amount of each monthly payment is interest? $122.04, $119.04, or $116.04 ?
What percent of the total payments is total interest? 36.9, 35.9, or 34.9 %
Please help me out!
1 answer
1 answer