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Mathematics
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OpenStudy (anonymous):
PLEASE HELP! WILL FAN & MEDAL! Based on the information below, choose the correct answer. Note: The monthly loan payment was calculated at 119 payments of $348.33 plus a final payment of $347.54. Loan Balance: $30,000.00 Loan Interest Rate: 7.00% Monthly Loan Payment: $348.33 Number of Payments: 120 Cumulative Payments: $41,798.81 Total Interest Paid: $11,798.81 On average, what dollar amount of each monthly payment is interest? $ What percent of the total payments is total interest?
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