Liam Had $5,200 in Student Loans

question 21

Multiple Choice

Liam had $5,200 in student loans. On August 9, he began repayments of $50 per month when interest rates were 9.2% annually. On September 8, the interest rates rose to 9.5%. By what amount will the principal be reduced given the $50 payment on September 30?

• A) $8.90
• B) $9.91
• C) $10.90
• D) $11.90
• E) $12.90

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Definitions:

Forgery

The act of falsifying documents, signatures, or artworks with the intent to deceive.

Falsifying Records

The act of altering, fabricating, or creating false information in documents with the intent to deceive or mislead.

Forgery

The act of fraudulently making or altering a document or object with the intent to deceive.

Counterfeiting

The act of making an imitation of something, typically money, with the intent to deceive or defraud by passing off the imitation as genuine.