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The problem you must solve is: Suppose you have two student loans: • $15,000 with an APR of 8% for 15 years $11,000 with an APR of 9.5% for 20 years 1. Calculate the monthly payment for each loan individually. 2. How much do you pay each month? How long do you have to pay that monthly amount? 3. Over the course of each loan, how much total do you pay? How much of that is interest? How much interest will you pay in total?

The problem you must solve is: Suppose you have two student loans: • $15,000 with an APR of 8% for 15 years $11,000 with an APR of 9.5% for 20 years 1. Calculate the monthly payment for each loan individually. 2. How much do you pay each month? How long do you have to pay that monthly amount? 3. Over the course of each loan, how much total do you pay? How much of that is interest? How much interest will you pay in total?

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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The problem you must solve is: Suppose you have two student loans: $15,000 with an APR of 8% for 15 years $11,000 with an APR of 9.5% for 20 years 1. Calculate the monthly payment for each loan individually. 2. How much do you pay each month? How long do you have to pay that monthly amount? 3. Over the course of each loan, how much total do you pay? How much of that is interest? How much interest will you pay in total? You have the opportunity to consolidate these 2 loans into a single loan with an APR of 7.9% and a term of 14 years. 1. What will be your monthly payment if you consolidate? 2. 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? 3. What will your total payments be over the life of the loan? How much of that is interest? 4. What are the pros and cons of doing this consolidation?
Transcribed Image Text:The problem you must solve is: Suppose you have two student loans: $15,000 with an APR of 8% for 15 years $11,000 with an APR of 9.5% for 20 years 1. Calculate the monthly payment for each loan individually. 2. How much do you pay each month? How long do you have to pay that monthly amount? 3. Over the course of each loan, how much total do you pay? How much of that is interest? How much interest will you pay in total? You have the opportunity to consolidate these 2 loans into a single loan with an APR of 7.9% and a term of 14 years. 1. What will be your monthly payment if you consolidate? 2. 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? 3. What will your total payments be over the life of the loan? How much of that is interest? 4. What are the pros and cons of doing this consolidation?
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