Question

Amount $100,000

rate 7%
payments 360 $665.31
Total interest $139,511.60

How much will be repaid for this loan?$

What percentage will be repaid for this loan?$

What will be the average amount per payment for interest?$

Answer 1

1) Repaid for the loan = $239,511.60

2) Percentage = 58.2%

3) Average amount = $387.53

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}}*100`

`\text{Percentage}=(139511.60)/(239511.60)*100`

`\text{Percentage}=0.582*100`

`\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`