During Four Years of College, Nolan MacGregor's Student Loans Are

question 50

Multiple Choice

During four years of college, Nolan MacGregor's student loans are $4,700, $3,500, $4,200, and $4,500 for freshman year through senior year, respectively. Each loan amount gathers interest of annual rate 1%, compounded quarterly while Nolan is in school; and an annual rate of 3%, compounded quarterly during a 6-month grace period after graduation. What is the loan balance after the grace period? Assume the freshman year loan earns an annual rate of 1% interest for year during the first year, then for 3 full years until graduation. Make similar assumptions for the loans for the other years. Round your answer to the nearest cent. ​

• A)$18,134.13
• B)$17,371.25
• C)$17,544.96
• D)$17,767.92
• E)$18,357.08

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Definitions:

Type I Interferons

A subset of interferons, which are proteins released by host cells in response to the presence of pathogens, playing a key role in the immune response.

Tumor Necrosis Factor

is a cytokine involved in systemic inflammation, playing a key role in the immune system by regulating cell death, proliferation, and differentiation.

Antigens

Substances recognized by the immune system, potentially triggering an immune response.

Polysaccharides

Large molecules composed of many sugar units bonded together, functioning as energy stores or structural components in living organisms.