Question

Using the information below, choose the correct answers.

Amount: $125,000 Rate: 8 % Payments: 360 @ $917.19 Total Interest: $205,188.40

How much will be repaid for this loan? $
What percentage of this total is total interest (to the nearest tenth)?
What will be the average amount per payment for interest? $

Answer 1

125,000+205,188.40=330,188.4
205,188.4÷330,188.4=0.621*100=62.1%
917.19×0.621=569.57

Answer 2

1) $330188.4

2) 62.14%

3) $569.97

Explanation:

1) Total amount which will be repaid = Amount+Total interest

= 125000+205188.4

= $330188.4

2) Let the percentage of total that is interest be x

Then x%×330188.4 = 205188.4

x = 62.14%

Percentage of total that is interest = 62.14$

3) Average amount per payment for interest =
`( Total interest)/(No. of payments)`

=
`(205188.4)/(360)`

= $569.97