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What will your monthly payments be in that case

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Question - Suppose you have the following three student loans: $12,000 with an APR of 7.5% for 12 years, $16,000 with an APR of 8% for 17 years, and $13,500 with an APR of 9% for 7 years.

a. Calculate the monthly payment for each loan individually.

b. Calculate the total you'll pay in payments during the life of all three loans.

c. A bank offers to consolidate your three loans into a single loan with an APR of 8% and a loan term of 17 years. What will your monthly payments be in that case? What will your total payments be over the 17 years?

Reference no: EM133120941

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