Calculate the equivalent flat rate of interest paid on a $115,00 loan at 12% p.a reducible interest to be repa

Calculate the equivalent flat rate of interest paid on a $115,00 loan at 12% p.a reducible interest to be repaid over 30 years at $1182,90 per month.

thanks :)

First find the total repayments

1182,90 x 12 = 14,194.8 (1 year total repayments)

14194.8 x 30 = 425,844 (30 year total repayments)

Then subtract total repayments from initial amount borrowed to find the Interest

425,844 - 115,000 = 310,844 (Interest)

Then divide Interest to get a annual Interest paid per year

310.844/30 = 10361.46 (1 Year of Interest)

Then Divide the 1 year of Interest on the amount borrowed and times by 100

10,361.46/115,000 x 100 = 9.0%

= 9.0% Flat rate of interest paid

taking the commas ( , ) to be representing the decimal point,
you have already paid more than 10 times the loan with the 1st payment !