The principal on jan’s loan was $4,700, but by the time she had paid it off after four years, the interest and principal totaled $5,388. if jan made regular quarterly payments of $355 until the loan was paid off, how much did jan pay for service charges?
a.
$292
b.
$688
c.
$980
d.
$18

Principal = $ 4700

Amount after 4 years = $ 5388

Principal + Interest = $ 5388

$ 4700 + Interest = $ 5388

Interest = $ 5388 - $ 4700

Interest = $ 688

Formula for simple interest

S.I= Simple Interest

P=Principal

T=Time

R= Rate

%

Amount paid by Jan Quarterly till the whole loan is paid = $ 355

Total amount paid after four years = $ 355 × 16= $ 5680

Amount paid as service charge

=Total amount Paid - Actual Total Amount  (Principal + Interest)

= $ 5680 - $ 5388

= $292

Option (A) $292 is true regarding above condition.

15

step-by-step explanation:

step-by-step explanation:

mean or average is 40.6