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Davadene has two student loans. one is for $8000 at an APR of 5% for 10 years; the second is for $15,000 at an interest
Davadene has two student loans. one is for $8000 at an APR of 5% for 10 years; the second is for $15,000 at an interest rate of 6% for 12 years. Davadene is considering consolidating the loans and has found a bank that will loan her $23,000 for 8 years at an annual interest rate of 5.5%. If she is trying to pay off the loans and pay the least amount of interest, should Davadene take the consolidation option? Defend your answer. Solve using the TVM solver
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