Based on the information below, choose the correct answer.
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? %