Based on the information below, choose the correct answers.
Note: The monthly loan payment was calculated at 119 payments of $242.66 plus a final payment of $241.78.
Loan Balance: $20,000.00
Loan Interest Rate: 8.00%
Monthly Loan Payment: $242.66
Number of Payments: 120
Cumulative Payments: $29,118.32
Total Interest Paid: $9,118.32
1. On average, what dollar amount of each monthly payment is interest? $
76.99
77.99
75.99
2. What percent of the total payments is total interest? %
31.3
32.4
31.9
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