SOLUTION: Consolidating student loans Suppose I have two student loans one at $ 15,000 with an APR of 8% for 15 years and another one at $ 10,000 with an APR of 9.% for 20 years. Calcula

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Question 1047139: Consolidating student loans
Suppose I have two student loans one at $ 15,000 with an APR of 8% for 15 years and another one at $ 10,000 with an APR of 9.% for 20 years. Calculate the monthly payments for each loan individually and tell how much I will pay each month. And for how long I will have to pay that monthly amount. Over the course of each loan, how much total that I will have to pay? How much of that is interest? How much interest I will pay in total? I also have the opportunity to consolidate these 2 loans into a single loan with an APR of 8 % and a term of 12 years. What will be my monthly payment if I consolidate the 2 loans? How does that payment compare with what I am paying on the 2 loans individually? Does these results makes sense? Why or Why not? What will my total payment be over the life of the loan? How much of that is interest? What are the pros and cons of doing this consolidation?
Answer by solver91311(24713) About Me  (Show Source):
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John

My calculator said it, I believe it, that settles it