Question
*** PLEASE DO NOT USE PREVIOUS CHEGG ANSWERS*** *** You received a bill consolidation loan offer in the mail. *** *** Dear Student, *** ***
*** PLEASE DO NOT USE PREVIOUS CHEGG ANSWERS***
*** You received a bill consolidation loan offer in the mail. ***
*** Dear Student, ***
*** Im delighted to inform you that you have been approved for a Homeowner Bill Consolidation Loan of up to $365,100 at our lowest fixed rate of 6.00% (6.184% APR). You can use this money for anything you like; to pay off your high-interest debt, pay for college or expenses, take a dream vacation, or whatever you want. There are no restrictions! ***
*** For example, with the following debt consolidation, a typical homeowner would save $1,224.88 per month!! ***
*** Credit CardInterest 21% with a Balance of $12,000 for Monthly Payment of $448.62 ***
*** Auto LoanInterest 8% with a Balance of $15,000 for Monthly Payment of $359.20 ***
*** Student LoanInterest 10% with a Balance of $23,000 for Monthly Payment of $488.68 ***
*** Home MortgageInterest 8% with a Balance of $170,000 for Monthly Payment of $1247.40 ***
*** TOTAL CURRENT DEBT$220,000 for Monthly Payment of $2543.90 ***
*** New Homeowners Bill Consolidation LoanInterest 6% with Balance of $220,000 for Monthly Payment of $1319.09 for SAVINGS of $1224.88 ***
*** First Months Savings = $1224.88 ***
*** First Years Savings = $14,698.56 ***
*** Potential 10-year Savings = $146,985.60 ***
- Do you agree with the savings claims by the loan company?
- Explain any illogical claims made by the loan company.
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