Ask Question
BusinessBusiness
3 April, 07:32

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

+1
Answers (2)
  1. 3 April, 08:43
    0
    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
  2. 3 April, 09:24
    0
    Answer is B and I am 2000% sure.

    Your welcome ...
Know the Answer?
Not Sure About the Answer?
Get an answer to your 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 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The carrying value of a $500,000, 4 year note with an 8 percent face rate (paid semiannually) that was issued to yield 9 percent is $491,031.19. What is the interest expense for the next interest period? A) $20,000.00 B) $19,641.25 C) $22,096.
Answers (1)
Setting a price for the product or service is one element of the marketing mix. a. True b. False
Answers (1)
Which strategy is developed to pull together the various activities and competencies of each department so that corporate and business unit performance improves and resource productivity is maximized?
Answers (1)
Which option can be a benefit for an organization that embraces diversity? A. good media coverage B. increased productivity C. low costs because they can pay lower salaries for older people D. low taxes
Answers (2)
Zin, Inc. is planning its cash needs for an upcoming period when 85,000 machine hours are expected to be worked.
Answers (1)
New Questions in Business
What are the strengths and weaknesses of the Campbell Soup Company's marketing?
Answers (1)
Stock market crashes happen when the value of most of the stocks in the stock market increase at the same time. Question 10 options: True False
Answers (1)
Marginal utility is the: A. sensitivity of consumer purchases of a good to changes in the price of that good. B. change in total utility obtained by consuming one more unit of a good.
Answers (1)
You think that in 15 years it will cost $214,000 to provide your child with a 4-year collge education. Will you have enough if you take $75,000 toady and invest it for 15 years at 4%?
Answers (1)
Define incentive. Provide an example of a financial and a non financial incentive ...
Answers (2)
Home » Business » 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
Sign Up Forgot Password?