Problem \#3 Ashley, being a reoent college graduate, has also begun paying off her student loans. She has the following loans when she begins repayment: - Set 1: $18,600, interest rate 4.45%, paid off over 10 years, monthly payments - Set 2: $9,230, interest rate 6.23%, paid off over 10 years, monthly payments Use the "Student loans problem" worksheet for this question. Assume that she only makes the minimum payments to both loans (the monthly payment amounts are calculated using the same formula as in the last two problems). Complete both tables using the same procedure as in the previous problems. When finding the total interest and total plyments, make sure to add amounts for BOTH lonn. 8. (3 pointe) Upload this table to the Dropbox in D2L. 9. (2 points) How much total interest will Ashley pay over 10 years if she only makes minimum paymente? 10. Ashley decides to pay $500 total to her student loans each month. She continues the minimum payment on the lower interest loan, and puts the rest of the $500 towards the higher interest loan until it's paid off. Then she puts all $500 towards the lower interest loan until it is paid off. (a) (3 points) Upload the updated table to the dropbox in D2L. (b) (2 points) How much total interest will Ashley pay in this scenario? (c) ( 2 points) How much does she save by increasing her payments in this way? Problem \#3 Ashley, being a reoent college graduate, has also begun paying off her student loans. She has the following loans when she begins repayment: - Set 1: $18,600, interest rate 4.45%, paid off over 10 years, monthly payments - Set 2: $9,230, interest rate 6.23%, paid off over 10 years, monthly payments Use the "Student loans problem" worksheet for this question. Assume that she only makes the minimum payments to both loans (the monthly payment amounts are calculated using the same formula as in the last two problems). Complete both tables using the same procedure as in the previous problems. When finding the total interest and total plyments, make sure to add amounts for BOTH lonn. 8. (3 pointe) Upload this table to the Dropbox in D2L. 9. (2 points) How much total interest will Ashley pay over 10 years if she only makes minimum paymente? 10. Ashley decides to pay $500 total to her student loans each month. She continues the minimum payment on the lower interest loan, and puts the rest of the $500 towards the higher interest loan until it's paid off. Then she puts all $500 towards the lower interest loan until it is paid off. (a) (3 points) Upload the updated table to the dropbox in D2L. (b) (2 points) How much total interest will Ashley pay in this scenario? (c) ( 2 points) How much does she save by increasing her payments in this way
