In January of 2022, Mohammed contracted a student loan of $8,000 to be repaid over 5 years at a rate of 7%, compounded monthly. Payments are monthly. In addition, he incurred eligible moving expenses of $500, paid tuition of $5,000 and earned gross employment income of $21,300 in 2022. What was his net income for tax purposes? Round to the nearest dollar.

Select one:

a. $20,800

b. $13,904

c. $19,415

d. $15,284