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Amount: $225,000

Rate: 7 %

Payments: 360 @ $1,496.93

Total Interest: $313,894.80


How much will be repaid for this loan? $

What percentage of this total is total interest? %

What will be the average amount per payment for interest? $

Verified Answer :

Answer:

1) $538,894.8

2) 58.24%

3). 871.93

Step-by-step explanation:

1) Total amount which will be repaid = Amount + total interest =

                                                             = $538,894.8

2) Let the percentage of total amount that is interest be x

x% ×538,894.8 = 313894.8

      x = 58.24%

3) Average amount per payment for interest = \(\frac{Total interest}{No. of payments}\)

                       = $871.93

Answer:

1) $538,894.8

2) 58.24%

3). 871.93

Step-by-step explanation:

1) Total amount which will be repaid = Amount + total interest =

                                                            = $538,894.8

2) Let the percentage of total amount that is interest be x

x% ×538,894.8 = 313894.8

     x = 58.24%

3) Average amount per payment for interest =

                       $871.93

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