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October 1, 2014

Homework Help: mathematics

Posted by Ashlie on Tuesday, January 26, 2010 at 5:45pm.

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: $39,644.05
Total Interest paid: $14,644.95

On average, what dollar amount of each monthly payment is interest? $122.04, $119.04, or $116.04 ?

What percent of the total payments is total interest? 36.9, 35.9, or 34.9 %

Please help me out!

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