Answer:
- $314,647.20
- 60.3%
- $526.80
Step-by-step explanation:
From the given information,
The down-payment amount is $125,000
Rate of interest = 7.5%
Monthly payment = $874.02
Number of periods = 360 months
Total interest paid = $189,647.20
1. How much will be repaid for this loan-
As you paid a monthly payment of $874.02 for 360 months, so total paid amount is,
[tex]=874.02\times 360=\$314,647.20[/tex]
2. What percentage of this total is total interest
As you have paid total of $314,647.20 on the interest of $189,647.20, so the percentage will be
[tex]=\dfrac{189647.20}{314647.20}\times 100=0.603\times 100=60.3\%[/tex]
3. What will be the average amount per payment for interest
As you paid an interest of $189,647.20 in 360 months, so average amount of interest per payment is,
[tex]=\dfrac{189,647.20}{360}=\$526.80[/tex]
