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

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

Answer is B and I am 2000% sure.

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