Should you pay it towards your mortgage

Reference no: EM132002903

Question: You have a mortgage with a 5% interest rate and a student loan with 10% interest rate. Your mortgage debt is $100,000 whereas your student debt is $10,000. Your parents give you a gift of $2000 to help you out with your debt. Should you pay it towards your mortgage or towards your student debt? Explain.

Reference no: EM132002903

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