Keith has two student loans. One is a loan of $11,000 at an APR of 6% for 12 years; the second is a loan of $21,000 at an interest rate of 7% for 8 years

math question about student loans
Keith has two student loans. One is a loan of $11,000 at an APR of 6% for 12 years; the second is a loan of $21,000 at an interest rate of 7% for 8 years. Keith is considering consolidating the loans and has found a bank that will loan him $32,000 for 10 years at an annual interest rate of 6.5%. If Keith is trying to pay off the loans and pay the least amount of interest, should he take the consolidation option? (Assume Keith makes a monthly payment for each loan. Round your answers to the nearest cent.)

The total interest paid on the unconsolidated loans is $_______ , and the total interest paid on the consolidated loan is $__________ so Keith (should/should not) take the consolidation option.

Needs help with similar assignment?

We are available 24x7 to deliver the best services and assignment ready within 3-4 hours? Order a custom-written, plagiarism-free paper

Math homework help

Do not let math assignments discourage you from trying your best. One of our math experts can help you with math homework online. Our math tutors can help you with any level of algebra, calculus, or geometry. Ask your question to get the support you need 24/7.

Order Over WhatsApp Place an Order Online

Do you have an upcoming essay or assignment due?

All of our assignments are originally produced, unique, and free of plagiarism.

If yes Order Similar Paper