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

question 55

Multiple Choice

During four years of college, Nolan MacGregor's student loans are $3,700, $4,700, $4,400, and $4,100 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. 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. After the grace period, the loan is amortized over the next 10 years at an annual rate of 3%, compounded quarterly. Find the quarterly payment. Round your answer to the nearest cent. ​

• A)$293.17
• B)$461.36
• C)$169.74
• D)$1,384.07
• E)$509.21

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Definitions:

Marxist Theory

A social, political, and economic philosophy named after Karl Marx, focusing on class struggle, the effects of capitalism, and the means of achieving socialism.

Exploitative Capitalist System

An economic system criticized for exploiting workers and prioritizing profits over the well-being of individuals.

Deviance

Involves actions or behaviors that violate societal norms and expectations, leading to social judgment.

Legal Reality Theory

A perspective in legal and criminal studies that focuses on the social context and implications of law, emphasizing how law is applied in real-world situations.