Using the information below, choose the correct answers.
amount: $125,000
rate: 7.5 %
payments: 360 @ $874.02
total interest: $189,647.20

1. how much will be repaid for this loan?
a. 189,646.53
b. 125,000.00
c. 314,647.20

2. what percentage of this total is total interest?
a. 60.3%
b. 64.2%
c. 55.6%

3. what will be the average amount per payment for interest?
a. 347.22
b. 526.80
c. 874.20

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,

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

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,

A=314647.20

B=60.3

C=526.80

Step-by-step explanation:

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