2
QuizMultiple Choice

Borrowing Money

Question 2 • 2025-2026 GSP Mathematical Reasoning for Decision Making

Carlos took seven years to pay off his loan by making identical quarterly payments. The loan had a principal of $22,375 and 5.49% interest, compounded quarterly. Carlos paid a total of $28,821.67. How much did Carlos pay in service charges? Round all dollar values to the nearest cent.

Answer
A
$1,721.31
B
$4,725.36
C
$1,670.98
D
$6,446.67
Previous
Next