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

Multiple Choice

During four years of college, Nolan MacGregor's student loans are $3,600, $3,900, $3,500, and $3,600 for freshman year through senior year, respectively. Each loan amount gathers interest of annual rate 1% compounded quarterly while Nolan is in school; and 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. If Nolan decides to pay an additional $90 above the calculated quarterly payment, how many payments of this size will amortize the debt? Round your answer to the nearest whole number. ​

A) 32 quarters
B) 97 quarters
C) 10 quarters
D) 30 quarters
E) 16 quarters