Question

Using the information below, choose the correct answers.

Amount: $200,000
Rate: 7%
Payments: 360 @ $774.50
Total Interest: $78,820.00

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

Answer 1

278,820

28.27%
218.94

Explanation:

Found the answers in above question.

Answer 2

To find how much will be repaid for this loan, you just multiply the amount of payment by the number of payments
774.5×360=278,820

To find the percentage of this total is total interest, you just divide the total interest by the amount repaid
(78,820÷278,820)×100=28.27%

To find the average amount per payment for interest, you divide the amount of total interest by the number of payments
78,820÷360=218.94

Hope it helps!