1- You currently have two loans outstanding: a car loan and a student loan. The car loan requires that you pay $402 per month, starting next month for 35 more months. Your student loan is requires that you pay $109 per month, starting next month for the next 120 months.

A debt consolidation company gives you the following offer: It will pay off the balances of

your two loans today and then charge you $470 per month for the next 37 months, starting

next month. If your investments earn 4.6% APR, compounded monthly, how much would

you save or lose by taking the debt consolidation companys offer?

If you lose, state your answer with a negative sign (e.g., -25,126)