On April 7, Madeline Had $10,500 in Student Loans Outstanding

Multiple Choice

On April 7, Madeline had $10,500 in student loans outstanding. She agreed to $75 per month payments to repay these loans. From April 7 to May 5, the interest rates were 3.25%, but increased to 4.5% thereafter. Calculate the amount of interest paid for the month of May.

A) $37.93
B) $38.01
C) $38.14
D) $38.88
E) $39.25