The amount Jerry paid in interest is $1,040.
Given to us,
Jerry's principal amount = $ 22,000,
quarterly payment for each quarter = $ 640
Total time for which Jerry paid each quarter = 9 years
As We know that in a year there are 4 quarters,
so, ,
,
9 years = 36 quarters,
The total amount paid by Jerry for nine years in each quarter =
quarterly payment for each quarter x no. of quarters for which amount paid
Thus, the total amount paid by Jerry for nine years in each quarter is $23,040.
Therefore,
,
Hence, the amount Jerry paid in interest is $1,040.
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