You borrowed $80,000 at an APR of 7%, which you are paying off with monthly payments of $620 for 20 years. Of the total amounts paid, what percentage is paid towards the principal and what percentage is paid for interest?

Question

neonumbrella5115 · Answer

What do you think the answer is?

mimi_x3 · Answer

Ok so you pay a monthly fee of $620 bucks for 20 years so that is 
620*12*20=148,800

Now we only owed 80,000
So the percentage paid for the principal amt is (principal amt)/(total amt paid)
80,000/148,000

Now if 80,000 was paid towards the principal then the rest was paid towards interest
148,800-80,000=68800
So the percentage paid for interest is the (amt paid for interest)/(total amt paid)
68,800/148,000

mimi_x3 · Answer

This is my guess ... I may be wrong though or misunderstood the question

mimi_x3 · Answer

@dan815 can ya help this guy out?