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

Question

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The Answer of 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

Liam Had $5,200 in Student Loans