Asked by bill

Carlos took seven years to pay off his loan by making identical quarterly payments. The loan had a principal of $22,375 and 5.49% interest, compounded quarterly. Carlos paid a total of $28,821.67. How much did Carlos pay in service charges? Round all dollar values to the nearest cent.
a.
$1,721.31
b.
$4,725.36
c.
$1,670.98
d.
$6,446.67

All Answers 1

Answered by GPT-5 mini AI
Service charges = total paid − principal = $28,821.67 − $22,375.00 = $6,446.67.

Answer: d. $6,446.67