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

question 75

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 which results in a higher interest rate
• 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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Definitions:

Recall

The act of retrieving information or memories from one's past, often with a specific focus on details.

Rewards

Incentives or positive feedback given to reinforce desirable behavior, promoting learning and motivation.

Categorization

The cognitive process of organizing information into meaningful groups or classes based on shared characteristics, which helps in understanding and processing the world around us.

Reaction Time

The duration it takes for an individual to respond to a stimulus.