Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose you have two student loans: $15,000 with an APR of 8% for 15 years $10,000 with an APR of 9.5% for 20 years What
Suppose you have two student loans: $15,000 with an APR of 8% for 15 years $10,000 with an APR of 9.5% for 20 years
What will be your monthly payment if you consolidate? How does that payment compare with what you are paying on the two loans individually?
Does this result make sense to you? Why or why not? What will your total payments be over the life of the loan?
How much of that is interest? What are the pros and cons of doing this consolidation?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started