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

i want to say it is 213.69

Answer 2

Ok, so Jerry paid $640 a quarter--that's "$2,560" per year--and he does this for nine years, right? That means that, in total, he's paid:
$2560 * 9 = $23,040
Subtracting out the $22,000 that he borrowed originally, means that he paid about $1,040 in interest over that time period.

Note: Jerry got a great deal--that rate is LOW!