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Based on the information below, choose the correct answers. 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? % NEXT QUESTION ASK FOR HELP

Verified Answer :

MissPhiladelphia

Since there are 120 payments in total

 Then the total
interest paid is $ 9,118.32

The monthly interest = $ 9,118.32 / 120

The monthly interest = $ 75.99 per month

 

% total interest = ( $ 9,118.32/ 29,118.32) x 100

% total interest = 31.31 %

Answer:

A=$75.99

B=$31.3

Step-by-step explanation:

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