Using the information below, choose the correct answers.

Amount: $225,000
Rate: 7 %
Payments: 360 @ $1,496.93
Total Interest: $313,894.80

How much will be repaid for this loan?
a. $538,894.80
b. $313,895.02
c. $225,000.00
What percentage of this total is total interest?
a. 49.3%
b. 58.2%
c. 53.9
What will be the average amount per payment for interest?
a. $871.93
b. $1496.93
c. $625.00

Question

Using the information below, choose the correct answers.

Amount: $225,000
Rate: 7 %
Payments: 360 @ $1,496.93
Total Interest: $313,894.80

How much will be repaid for this loan? 
a. $538,894.80
b. $313,895.02
c. $225,000.00
What percentage of this total is total interest? 
a.  49.3%
b. 58.2%
c. 53.9
What will be the average amount per payment for interest? 
a. $871.93
b. $1496.93
c. $625.00

amistre64 · Answer

since in order to repay a loan, you have to submit all of the payments .... what would you suggest we do to determine to total amount of payments?

anonymous · Answer

The APR Formula.

amistre64 · Answer

id suggest adding up all the payments ....

amistre64 · Answer

if we have 360 payments of k amount each, then 360k is the total amount paid for the loan

amistre64 · Answer

k being a general variable and not a term for 1000