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vodka [1.7K]
3 years ago
8

Based on the information below, choose the correct answers. Note: The monthly loan payment was calculated at 119 payments of $33

0.38 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: $39,644.95 Total Interest Paid: $14,644.95 On average, what dollar amount of each monthly payment is interest? $ What percent of the total payments is total interest? %
Mathematics
1 answer:
Margaret [11]3 years ago
6 0

Answer:

  • $122.04
  • 36.94%

Step-by-step explanation:

a) The amount of concern is ...

  (total interest)/(number of payments) = interest/payment

  $14,644.95/120 ≈ $122.04 . . . . amount of interest per payment

__

b) The ratio of concern is ...

  (total interest)/(total payments) × 100% = 14,644.95/39,644.95 × 100%

  ≈ 36.94% . . . . percent of total payments that is interest

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stich3 [128]

Answer:

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Step-by-step explanation:

Whenever you have ratios, just treat them like you would a fraction! For example, a ratio of 1:2 can also look like 1/2!

In this context, you have a ratio of 1:1.5 that represents the ratio of Canadian stamps to stamps from the rest of the world. You can set up two fractions and set them equal to each other in order to solve for the unknown number of Canadian stamps. 1/1.5 is representative of Canada/rest of world. So is x/135, because you are solving for the actual number of Canadian stamps and you already know how many stamps you have from the rest of the world. Set 1/1.5 equal to x/135, and solve for x by cross multiplying. You'll end up with 90.

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