Based on the information below, choose the correct answer.
Note: The monthly loan payment was calculated at 119 payments of $185.98 plus a final payment of $185.70.
Loan Balance: $15,000.00
Loan Interest Rate: 8.50%
Monthly Loan Payment: $185.98
Number of Payments: 120
Cumulative Payments: $22,317.32
Total Interest Paid: $7,317.32
On average, what dollar amount of each monthly payment is interest? $
What percent of the total payments is total interest?
v
%