Respuesta :
The amount Jerry paid in interest is $1,040.
The given details are:
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, one-year consists of nine quarters and therefore the nine years will consist of 36 quarters.
[tex]\begin{aligned}\text{Total amount paid by Jerry}=\text{Quarterly payment} \times \text{No. of quarters}\end{aligned}[/tex]
[tex]\begin{aligned}\text{Total amount paid by Jerry}={\$640} \times {36}\end{aligned}[/tex]
[tex]\begin{aligned}\text{Total amount paid by Jerry}=\$23,040\end{aligned}[/tex]
Thus, the total amount paid by Jerry for nine years in each quarter is $23,040.
[tex]\begin{aligned}\text{Amount of Interest}& = \text{Amount jerry paid} - \text{Principal Amount}\\\text{Amount of Interest}& = \$23,040-\$22,000\\\text{Amount of Interest} &= \$1040\end{aligned}[/tex]
Therefore, the correct option is b.
To know more about the calculation of the interest, refer to the link below:
https://brainly.com/question/16242041
