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?

There are 4 quarterly payments each year, so over 9 years Jerry made 4 × 9 = 36 payments. He paid 36 × $640 = $23,040 total; subtracting the $22,000 principal gives $1,040 in interest, which is choice B.

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