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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.a.$1,721.31b.$4,725.36c.$1,670.98d.$6,446.67

Answer
A
A
B
B
C
C
D
D
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Carlos took seven years to pay off his loan by…