You received a $5,000 loan at the end of each of your four years of college. Aunt Rose agreed to pay off your loans at the end of your fourth year of school. How much will she have to pay? Assume a 4% interest rate compounded annually on student loans.
A. $50,000.
B. $21,235.
C. $20,000.
D. $39,930.
E. None of the answers is correct.
Answer: B
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A. Increase assets by $1,045 B. Increase assets by $1,100 C. Decrease assets and stockholders' equity by $55 D. None of these answer choices are correct
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Indicate whether the statement is true or false
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