According to this article – Quaclomm has a maximum potential royalty payment of $16.25 for 5G only and or $25 for multimode for a premium phone ranging in price from $600 to $1,000, and $1.63 to $2.50 too much for a $50 phone.
Ericsson has announced previously a rate of $5 a phone and in developing countries, half that. I can’t imagine Nokia is much more than Ericsson. https://www.eetimes.com/author.asp?section_id=36&doc_id=1332657
Between Ericsson, Qualcomm and Nokia you have well over half if not 2/3 of the net SEP licensors covered for handsets – which for premium handsets (According to the article) amounts to $40/phone. Even if you add up more licensors to make it $50/phone, or a net total royalty burden of 1/12 of the ASP, I don’t see where some people get $120 from https://ec.europa.eu/commission/commissioners/2014-2019/vestager/announcements/protecting-consumers-exploitation_en – unless you have political motivations.