Math Lab Review Work
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The percentage of the payments made were due to interest is 32.6 %. Then the correct option is B.
<h3>What is the percentage?</h3>The amount of something is expressed as if it is a part of the total which is a hundred. The ratio can be expressed as a fraction of 100. The word percent means per 100. It is represented by the symbol ‘%’.
The following table shows a portion of a five-year amortization schedule.
A 5-year amortization schedule.
Loan amount or principal: 10,900 dollars.
The interest rate on loan: 10. 95 percent.
The table will be
Month Payment Principal Interest Balance
15 236.72 155.87 80.85 8704.27
16 236.72 157.29 79.43 8546.98
17 236.72 158.73 77.99 8388.25
18 236.72 160.18 76.54 8228.07
19 236.72 161.64 75.08 80.66.43
20 236.72 163.11 73.61 7903.32
Total payment = 6 × 236.72 = $ 1420.32
Total interest = 80.85 + 79.43 + 77.99 + 76.56 + 75.08 + 73.61
Total interest = $ 463.38
Then the percentage will be
More about the percentage link is given below.