Based on the information below, choose the correct answer.
Note: The monthly loan payment was calculated at 119 payments of $348.33 plus a final payment of $347.54
Loan Balance: $30,000.00
Loan Interest Rate: 7.00%
Monthly Loan Payment: $348.33
Number of Payments: 120
Cumulative Payments: $41,798.81
Total Interest Paid: $11,798.81
On average, what dollar amount of each monthly payment is interest? $ _ (98.32, 97.31, 96.29)
What percent of the total payments is total interest? _ % (28.2, 27.1, 27.7)
