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21 July, 19:48

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?

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  1. 21 July, 20:04
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    Given $22,000 principal loan amount

    $640 quarterly payments

    Unknown: interest Jerry would pay

    Solution: quarterly interest x 4 quarters in one year

    $640 x 4 = n

    Answer: $2,560 interest Jerry would pay in one year
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