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

Multiple Choice

During four years of college, Nolan MacGregor's student loans are $4,600, $3,500, $3,800, and $5,000 for freshman year through senior year, respectively. Each loan amount gathers interest of annual rate 1%, compounded quarterly while Nolan is in school; and an annual rate of 3%, compounded quarterly during a 6-month grace period after graduation. What is the loan balance after the grace period? Assume the freshman year loan earns an annual rate of 1% interest for 3/4 year during the first year, then for 3 full years until graduation. Make similar assumptions for the loans for the other years. Round your answer to the nearest cent. ​

A) $18,118.75
B) $17,364.10
C) $17,537.74
D) $17,753.74
E) $18,334.75