On September 12, Claire Had $8,000 in Student Loans Outstanding

Multiple Choice

On September 12, Claire had $8,000 in student loans outstanding. She agreed to $125 per month payments to repay these loans. From September 12 to October 8, the interest rates were 5.0%, but decreased to 4.5% thereafter. Calculate the balance outstanding on October 31.

A) $7,800.76
B) $7,808.96
C) $7,819.27
D) $7,826.34
E) $7,855.68