In January of 2022, Mohammed contracted a student loan of $10,000 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 total tax credit will he receive for education-related expenses? Round to the nearest dollar.

Select one:

a.

$847

b.

$1,024

c.

$274

d.

$900