Based on the information below, choose the correct answer. note: the monthly loan payment was calculated at 119 payments of $367.96 plus a final payment of $367.57. loan balance: $30,000.00 loan interest rate: 8.25% number of payments: 120 monthly loan payment: $367.96 cumulative payments: $44,154.81 total interest paid: $14,154.81 on average, what dollar amount of each monthly payment is interest ? $ what percent of the total payments is total interest ? %

1)

The amount of each monthly payment on interest= $117.95675

2)

The percent of the total payments is total interest is:

32.06%

Step-by-step explanation:

We are given the information as:

The monthly loan payment was calculated at 119 payments of $367.96 plus a final payment of $367.57.

Loan Balance: $30,000.00 .

Loan Interest Rate: 8.25%

Number of Payments: 120

Monthly Loan Payment: $367.96

Cumulative Payments: $44,154.81

Total Interest Paid: $14,154.81 .

1)

The amount of monthly payment on interest is equal to the total interest paid divided by the number of months:

i.e. Monthly payment on interest=

Hence, the amount of each monthly payment on interest= $117.95675.

2)

What percent of the total payments is total interest ?

It is equal to total interest divided by the total payment multiplied by 100.

i.e.

since both sides equal, there are infinitely many olutions.