Patrick Guitman Recently Graduated from College with $20,000 in Student

question 51

Multiple Choice

Patrick Guitman recently graduated from college with $20,000 in student loans and $5,000 in credit card debt.He usually makes minimum payments on his debt and he has been late with three payments in the last year.He wants to buy a new car but was told that his interest rate on a loan would be very high.What is the most likely reason this might be so?

• A) General interest rates are very low
• B) His credit rating is poor because of his late payments
• C) He already has a student loan outstanding
• D) Recent graduates are not allowed to have more than $25,000 in debt outstanding
• E) Interest rates must be tied to the CPI

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