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15 February, 20:02

Jerry's loan had a principal of $22,000. He made quarterly payments of $640 for nine years until the loan was paid in full. How much did Jerry pay in interest? a. $3,120 b. $1,040 c. $2,010 d. $5,760

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Answers (2)
  1. 15 February, 20:04
    0
    Answer is B and I am 2000% sure.

    Your welcome ...
  2. 15 February, 20:07
    0
    Answer: Option (B) is correct.

    Explanation:

    Given that,

    Principal amount = $22,000

    Quarterly payments = $640 for nine years until the loan was paid

    Quarters in 9 years = 9 * 4

    = 36

    Total amount paid = Quarterly payment * No. of quarters

    = $640 * 36

    = $23,040

    Jerry pay in interest = Total amount paid - Principal amount

    = $23,040 - $22,000

    = $1,040
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