Question

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? $
a. 97.31
b.96.29
c. 98.32
What percent of the total payments is total interest?
a. 28.2
b. 27.2
c. 27.7