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.

Carlos pay in service charges is $1721.3  

Step-by-step explanation:

Given : 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.    

To find : How much did Carlos pay in service charges?

Solution : First we find the monthly payment of the loan

Formula of monthly payment

Monthly payment,

Discount factor

Where, Amount = $22,375

Rate r= 5.49%=0.0549 compounded quarterly

Time = 7 years

Now, put all the values we get,

Monthly payment,

Now payment he has for for 7 years compounded quarterly i.e, for 28

Payment = 967.871 × 28 = $27100.39

Service charges = Total payment - payment

                            =   $28,821.67 - $27100.39

                             = $1721.27

Therefore, Carlos pay in service charges is $1721.3

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