Question

Amount: $225,000

Answer 1

1) 360×1,496.93=538,894.8
2)(538,894.8-225000)/538,894.8
=(313,894.8/538,894.8)*100==58.25%

Answer 2

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