mathematics

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!

  1. 👍
  2. 👎
  3. 👁

Respond to this Question

First Name

Your Response

Similar Questions

  1. Financial

    You need a 30-year, fixed-rate mortgage to buy a new home for $235,000. Your mortgage bank will lend you the money at an APR of 5.35 percent for this 360-month loan. However, you can afford monthly payments of only $925, so you

  2. Finance

    Loan Payments - If you take out an $8,000 car loan that calls for 48 monthly payments APR of 10 percent, what is your monthly payment? What is the effecgive annual interest rate on the loan? the montly rate is 0.10/12=.0083333...

  3. Finance

    You have arranged for a loan on your new car that will require the first payment today. The loan is for $32,000, and the monthly payments are $620. Required: If the loan will be paid off over the next 60 months, what is the APR of

  4. Finance

    Audrey Sanborn has just arranged to purchase a $550,000 vacation home in the Bahamas with a 20 percent down payment. The mortgage has a 6.1 percent stated annual interest rate, compounded monthly, and calls for equal monthly

  1. Finance

    You are considering borrowing $150,000 to purchase a new home. a. Calculate the monthly payment needed to amortize an 8 percent fixed-rate 30-year mortgage loan. b. Calculate the monthly amortization payment if the loan in (a) was

  2. Finance

    You have arranged for a loan on your new car that will require the first payment today. The loan is for $38,500, and the monthly payments are $690. If the loan will be paid off over the next 69 months, what is the APR of the loan?

  3. Algebra 2

    Claire has borrowed $\$5,\!000$. She plans to pay off the loan in full after two payments. She will make one payment in 3 years, then another payment in 6 years. The second payment will be exactly double the amount of the first

  4. Finance

    Sutton Corporation, which has a zero tax rate due to tax loss carry-forwards, is considering a 5 year, $6,000,000 bank loan to finance service equipment. The loan has an interest rate of 10% and would be amortized over 5 years,

  1. Home work help

    I need help for this math question: Can you provide the steps on how you got the answer to this question? A bank requires a monthly payment of $33.45 on a $2500 loan. At the same rate, find the monthly payment on a $10,000 loan.

  2. math

    Assume that you make a down payment of $2000, and you finance the remainder with a five-year loan at 6.9 percent APR. 20092 total cost-2000 down payment=18092 interest=2.24$ What is the equation I need to use to figure out the

  3. Java

    Can someone please help me out!!!I included what I have so far.. *Purpose: Say that you owe the credit card company $1000.00. The company charges you 1.5% per month on the unpaid balance. You have decided to stop using the card

  4. math

    A store offers a loan for $900 to buy a computer. The terms of the loan are for 9% simple interest and equal monthly payments for three years. What is the monthly payment?

You can view more similar questions or ask a new question.