SOLUTION: 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?

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Question 1063166: 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 by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
Find the total number of payments,
T=640%2A4%2A9
T=23040
.
.
Total=Principal+Interest
.
.
23040=22000%2BI
I=1040
.
.
$1040.00