Question

Suppose you have the following 3 student loans: $11,000 with APR of $6.5 for 17 years....

Suppose you have the following 3 student loans: $11,000 with APR of $6.5 for 17 years. $16,000 with APR of 7% for 22 years, and $14,500 with an APR OF 8% for 12 years.
a) calculate the monthly payment for each loan individually.
b) calculate the total youll 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 7% and a loan term of 22 years. What will your montly paymnets be in that case? what will your total payments be over the 22 years?

A) The monthly payment of $11,000 loan is?
- the monthly payment of the $16,000 loan is?
- the montly payment of the $14,500 loan is?

b) the total you'll pay in payments during the life of all three loans is?

c) the monthly payment of the consolidated loan is?
- the total you'll pay in payments during the life of the consolidated loan is?
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SOLVED WITH BA II PLUS CALCULATOR

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