The monthly loan payment was calculated at 119 payments of $348.33 plus a final payment of $347.54.

Loan Balance: $30,000.00
Loan Interest Rate: 7.00%
Monthly Loan Payment: $348.33
Number of Payments: 120
Cumulative Payments: $41,798.81
Total Interest Paid: $11,798.81
On average, what dollar amount of each monthly payment is interest? $
What percent of the total payments is total interest?

yes

To find out what dollar amount of each monthly payment is interest, we can subtract the principal amount from the monthly payment.

Principal amount = Monthly loan payment - Final payment
= $348.33 - $347.54
= $0.79

So, the dollar amount of each monthly payment that is interest is $0.79.

To find out what percent of the total payments is total interest, we can divide the total interest paid by the cumulative payments and then multiply by 100.

Percent of total payments that is total interest = (Total interest paid / Cumulative payments) * 100
= ($11,798.81 / $41,798.81) * 100
= 28.20%

So, the total interest paid accounts for 28.20% of the total payments.

To determine the dollar amount of each monthly payment that is interest, you can subtract the principal (loan balance) from the total payment. In this case, the principal is $348.33 (the monthly loan payment). Therefore, the interest portion of each monthly payment can be calculated as follows:

Interest portion = Monthly loan payment - Principal
= $348.33 - $348.33
= $0

Thus, the dollar amount of each monthly payment that is interest is $0.

To calculate the percentage of total payments that is total interest, you need to divide the total interest paid by the cumulative payments and then multiply by 100 to get the percentage. The formula for this calculation is:

Percentage of total payments that is total interest = (Total interest paid / Cumulative payments) * 100

Using the given values:

Percentage of total payments that is total interest = ($11,798.81 / $41,798.81) * 100
= 0.2816 * 100
= 28.16%

Therefore, the percent of total payments that is total interest is 28.16%.