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(Solved by Expert Tutors) Please help me: Supposed that I had two student loans: a. $ 15,000 wit


b. 10,000 with an APR of 9.5% for 20 years


  1. Please help me to calculate the monthly payments for each loan individually
  2. How much would I pay each month? How long do I have to pay that monthly amount?
  3. Over the course of each loan, how much would I pay? How much of that would be interest? How much interest will I pay in total?


I have the opportunity to consolidate these 2 loans into a single loan with an APR of 8% with a term of 12 years?


4. What then would be my monthly payments if I consolidated?

5. How does that payment compare with what you are paying on the two loans individually? Do these results make sense? Why or why not?

6. What will your total payments be over the life of the loan? How much of that is interest?

7. What are the pros and cons of doing a consolidation?

 


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DATE ANSWERED

Apr 19, 2020

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