Based on the information below, choose the correct answers.
Note: 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: $39,644.95
Total Interest Paid: $14,644.95
On average, what dollar amount of each monthly payment is interest? $
What percent of the total payments is total interest? %
Note: 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: $39,644.95
Total Interest Paid: $14,644.95
On average, what dollar amount of each monthly payment is interest? $
What percent of the total payments is total interest? %
