Suppose you have the following three student loans: $12,000 with an APR of 8.5% for 15 years, $17,000 with an APR of 9% for 20

Question

Suppose you have the following three student loans: $12,000 with an APR of 8.5% for 15 years, $17,000 with an APR of 9% for 20 years, and $14,500 with an APR of 10% for 10 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 9% and
loan term of 20 years. What will your monthly payments be in that case? What will you
total payments be over the 20 years?
a. The monthly payment of the $12,000 loan is $118.17.
The monthly payment of the $17,000 loan is $152.95.
The monthly payment of the $14,500 loan is $ 191.62.
b. The total you'll pay in payments during the life of all three loans is $.

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