Liam Had $5,200 in Student Loans

Multiple Choice

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