Question
Loan 1: $6,180.26 with interest rate of 6.550% Loan 2: $11,346.96 with interest rate of 5.410% Loan 3: $14,044.21 with interest rate of 6.840% A)
Loan 1: $6,180.26 with interest rate of 6.550%
Loan 2: $11,346.96 with interest rate of 5.410%
Loan 3: $14,044.21 with interest rate of 6.840%
A) You have decided you would like to clear out all of your student loans in 10 years by making monthly payments on your loans. How much are you paying monthly to clear your debt in 10 years?
B) You found a company that will consolidate each individual loan at 5.200% What is your new monthly payment?
C) Using the 5.200% you decide to make payments of $500 to clear your loans faster, how long will it take to pay them off?
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