Suppose you have the following three student loans: $12,000 with an APR of 8.5% for...
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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% andloan term of 20 years. What will your monthly payments be in that case? What will youtotal 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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