Question

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

Please select the best answer from the choices provided

Answer 1

b. 1,040

Explanation:

640 * 4 = 2560

2560*9 = 23040

23040 - 22000 = 1,040

Answer 2

B. 1,040

Step by step

12 times 9=108
108/3=36
640 times 36= 23,040