Note: The monthly loan payment was calculated at 119 payments of $232.22 plus a final payment of $231.69. Loan Balance: $20,000.00 Loan Interest Rate: 7.00% Monthly Loan Payment: $232.22 Number of Payments: 120 Cumulative Payments: $27,865.87 Total Interest Paid: $7,865.87 On average, what dollar amount of each monthly payment is interest? $ What percent of the total payments is total interest?
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