Based on the information below, choose the correct answers. Note: The monthly loan payment was calculated at 119 payments of $24
2.66 plus a final payment of $241.78. Loan Balance: $20,000.00
Loan Interest Rate: 8.00%
Monthly Loan Payment: $242.66
Number of Payments: 120
Cumulative Payments: $29,118.32
Total Interest Paid: $9,118.32
On average, what dollar amount of each monthly payment is interest? $
What percent of the total payments is total interest? % NEXT QUESTION ASK FOR HELP
The answer is 73.33333333 (repeated). You can also write it as 73 or 73.3 with a line over the 3 (after the decimal point) to indicate it being repeated.
