The monthly loan payment was calculated at 119 payments of $348.33 plus a final payment of $347.54.

Question

Loan Balance: $30,000.00
Loan Interest Rate: 7.00%
Monthly Loan Payment: $348.33
Number of Payments: 120
Cumulative Payments: $41,798.81
Total Interest Paid: $11,798.81
On average, what dollar amount of each monthly payment is interest? $
What percent of the total payments is total interest?

Answer 1

yes