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OpenStudy (maddog3354):
Based on the information below, choose the correct answers. Note: The monthly loan payment was calculated at 119 payments of $242.66 plus a final payment of $241.78. Loan Balance: $20,000.00 Loan Interest Rate: 8.00% Monthly Loan Payment: $242.66 Number of Payments: 120 Cumulative Payments: $29,118.32 Total Interest Paid: $9,118.32 On average, what dollar amount of each monthly payment is interest? $ 76.99 77.99 75.99 What percent of the total payments is total interest? % 31.3 32.4 31.9
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