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?

Answer 1

Answer: $1040

A = P + I

A = Total

P = Principal

I = Interest

First find the total amount

A = 640(4)(9)

A = 23040

Plug In the Numbers

23040 = 22000 + I

Substract 22000 on both sides

I = $1040