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

$1,721.274

Explanation:

The amount paid as service charge is the difference between the total amount paid by Carlos on the loan and the total installment due.

Service charge = Amount paid -  Total installment payment

The quarterly installment payment from the loan can be determined as follows:

Quarterly equal installment = Loan amount/Annuity factor

Quarterly interest rate = 5.49%/4 =1.3725%

Annuity factor = 1- (1+r)^(-n)/r

r =1.3725%,

n = 4×7   there are four quarters in a year

Annuity factor = (1- (1.013725)^(-4×7) )/0.01327)

                     = 23.1177

Quarterly installment payment interest

                              = 22,375/23.1177

                            = 967.87

Total amount paid in installment

                             = 967.871× 7 × 4

                               = 27,100.39518

Service charge = Amount paid -  Total installment payment

                         $28,821.67 - 27,100.395

                       =$1721.274

net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending   to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.

explanation:

answer(8,000.)