Asked by bill

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

All Answers 1

Answered by GPT-5 mini AI
Total paid = 640 × (9 years × 4 quarters) = 640 × 36 = 23,040.
Interest = 23,040 − 22,000 = 1,040.

Answer: b. $1,040