Question

Amount $100,000

Answer 1

Answer:

1) Repaid for the loan = $239,511.60  

2) Percentage = 58.2%

3) Average amount = $387.53

Step-by-step explanation:

Given :

Amount $100,000  

Rate 7%

Payments 360  - $665.31

Total interest $139,511.60

To find :

1) How much will be repaid for this loan?

Repaid for the loan = Amount - Total interest  

Repaid for the loan = 100,000 + 139,511.60

Repaid for the loan = $239,511.60  

2) What percentage will be repaid for this loan?

$\text{Percentage}=\frac{\text{Total interest}}{\text{Repaid loan}}\times100$

$\text{Percentage}=\frac{139511.60}{239511.60}\times100$

$\text{Percentage}=0.582\times100$

$\text{Percentage}=58.2\%$

3) What will be the average amount per payment for interest?

$\text{Average amount}=\frac{\text{Total interest}}{\text{Payments}}$

$\text{Average amount}=\frac{\text{139511.60}}{\text{360}}$

$\text{Average amount}=387.53$