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Suppose someone has the following three debts: A personal loan for $6,500 with an APR of 6.5% for 8 years. A car loan for $23,250
Suppose someone has the following three debts: A personal loan for $6,500 with an APR of 6.5% for 8 years. A car loan for $23,250 with an APR of 4.5% for 5 years. A student loan for $35,750 with an APR of 13% for 17 years. Complete the following parts. (Simplify your answers and round to the nearest cent.) a. Calculate the monthly payment for each loan. The monthly payment for the car loan is 2. The monthly payment for the student loan is 2. The monthly payment for the personal loan is 2. b. Compute the total the person will pay in payments during the life of all three loans. (Use your rounded answers from Part a.) They will pay during the life of all three loans. c. A local bank offers to consolidate the three loans into a single 17 year loan with an APR of 8%. Fill in the following. The monthly payment for the consolidated loan is The total the person. I will is for the life of the consolidated loan
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