Question

The Company borrowed $170,000 at 9.60% to be repaid monthly over 15 years. They just remitted payment number 78. 21. How much total interest is scheduled to be paid over the life of the loan? a. $183,172 b. $201,489 c. $137,620 d. $151,382 e. $166,520 22.

How much of the payment just remitted is interest?

a. $1,464 b. $1,100 c. $1,331 d. $1,000 e. $1,210

Answer 1

1) Total interest to be remitted = $151382.

Therefore, option D is the correct answer.

2) Interest remitted in 78th payment = $1000(Approximately)

Therefore, Option D is the correct answer.

NOTE: Interest payment in repayment schedule is given for your reference below.

Interest
$1,360.00
$1,356.60
$1,353.17
$1,349.71
$1,346.22
$1,342.71
$1,339.17
$1,335.60
$1,332.00
$1,328.37
$1,324.71
$1,321.03
$1,317.31
$1,313.57
$1,309.79
$1,305.98
$1,302.15
$1,298.28
$1,294.39
$1,290.46
$1,286.50
$1,282.51
$1,278.48
$1,274.43
$1,270.34
$1,266.22
$1,262.06
$1,257.88
$1,253.65
$1,249.40
$1,245.11
$1,240.79
$1,236.43
$1,232.04
$1,227.61
$1,223.15
$1,218.65
$1,214.12
$1,209.55
$1,204.94
$1,200.29
$1,195.61
$1,190.89
$1,186.14
$1,181.34
$1,176.51
$1,171.64
$1,166.73
$1,161.78
$1,156.79
$1,151.76
$1,146.69
$1,141.58
$1,136.43
$1,131.24
$1,126.00
$1,120.73
$1,115.41
$1,110.05
$1,104.65
$1,099.20
$1,093.71
$1,088.18
$1,082.60
$1,076.98
$1,071.31
$1,065.59
$1,059.84
$1,054.03
$1,048.18
$1,042.28
$1,036.34
$1,030.34
$1,024.30
$1,018.21
$1,012.07
$1,005.89
$999.65
$993.36
$987.03
$980.64
$974.20
$967.71
$961.17
$954.58
$947.93
$941.23
$934.47
$927.67
$920.80
$913.89
$906.91
$899.89
$892.80
$885.66
$878.46
$871.21
$863.89
$856.52
$849.09
$841.60
$834.05
$826.44
$818.76
$811.03
$803.23
$795.38
$787.46
$779.47
$771.42
$763.31
$755.13
$746.89
$738.58
$730.21
$721.77
$713.26
$704.68
$696.03
$687.32
$678.53
$669.68
$660.75
$651.75
$642.68
$633.54
$624.33
$615.04
$605.67
$596.24
$586.72
$577.13
$567.47
$557.72
$547.90
$538.00
$528.02
$517.96
$507.82
$497.60
$487.30
$476.91
$466.44
$455.89
$445.25
$434.53
$423.73
$412.83
$401.85
$390.78
$379.62
$368.38
$357.04
$345.61
$334.10
$322.48
$310.78
$298.98
$287.09
$275.10
$263.02
$250.84
$238.57
$226.19
$213.72
$201.14
$188.47
$175.69
$162.81
$149.83
$136.75
$123.56
$110.26
$96.86
$83.35
$69.74
$56.01
$42.17
$28.23
$14.17
$1,51,381.78