Question

The following table shows a portion of a five-year amortization schedule. A 5-year amortization schedule. Loan amount or principal: 10,900 dollars. Interest rate on loan: 10. 95 percent. A 5-column table with 6 rows. Column 1 is labeled Month with entries 15, 16, 17, 18, 19, 20. Column 2 is labeled Payment with all entries 236. 72. Column 3 is labeled Principal with entries 155. 87, 157. 29, 158. 73, 160. 18, 161. 64, 163. 11. Column 4 is labeled Interest with entries 80. 85, 79. 43, 77. 99, 76. 54, 75. 08, 73. 61. Column 5 is labeled Balance with entries 8,704. 27, 8,546. 98, 8,388. 25, 8228. 07, 08. 66. 43, 7,903. 32. What percent of the payments made were due to interest for the months shown? a. 30. 9% b. 32. 6% c. 62. 5% d. 63. 4%.

Answer 1

The percentage of the payments made were due to interest is 32.6 %. Then the correct option is B.

What is the percentage?

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

$\rm Percentage = \dfrac{463.38}{1420.32}*100\\\\Percentage = 32.625 \approx 32.6\ \%$

More about the percentage link is given below.

brainly.com/question/8011401