Question

using the information below, choose the correct answers.

amount: $200,000.00
rate: 7%
payments: 360 @ $774.50
total interest: $78,820

how much will be repaid for this loan? $

what percentage of this total is total interest?

what will be the average amount per payment for interest? $

Explanation:

Calculate total amount repaid

Using the Installment Loans knowledge point

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Calculate interest percentage of total payments

Using the Interest Percentage of Payments knowledge point

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Calculate average interest per payment

Using the Installment Loans knowledge point

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Answer:

Question 1

How much will be repaid for this loan? $ <blank>278,820.00</blank>

Question 2

What percentage of this total is total interest? <blank>28.27%</blank>

Question 3

What will be the average amount per payment for interest? $ <blank>218.94</blank>