Note: The monthly loan payment was calculated at 119 payments of $242.66 plus a final payment of $241.78. Loan Balance: $20,000.00 Loan Interest Rate: 8.00% Monthly Loan Payment: $242.66 Number of Payments: 120 Cumulative Payments: $29,118.32 Total Interest Paid: $9,118.32 On average, what dollar amount of each monthly payment is interest? What percent of the total payments is total interest?
(More)3
The monthly loan payment was calculated at 119 payments of $242.66 plus a final payment of $241.78. Loan Balance: $20,000.00 Loan Interest Rate: 8.00% Monthly Loan Payment: $242.66 Number of Payments: 120 Cumulative Payments: $29,118.32 Total Interest Paid: $9,118.32.
On average, $75.99 is the dollar amount of each monthly payment is interest.
31.3% of the total payments is total interest.
Added 284 days ago|3/1/2023 12:20:34 AM
This answer has been confirmed as correct and helpful.