MAT 101 Module 4 Discussion 1 Consolidating Student Loans
Module 4
In this discussion, you will work in small groups in online discussions to solve a mathematics problem involving consolidating two student loans into one combined loan. This group discussion will help prepare you for activity M4A2, in which you will write and submit an individual complete solution to a related problem.
Answer the following questions.
Suppose you have two student loans:
·        $15,000 with an APR of 8% for 15 years
·        $10,000 with an APR of 9.5% for 20 years
1.   Calculate the monthly payment for each loan individually.
2.   How much do you pay each month? How long do you have to pay that monthly amount?
3.   Over the course of each loan, how much total do you pay? How much of that is interest? How much interest will you pay in total?
You have the opportunity to consolidate these 2 loans into a single loan with an APR of 8% and a term of 12 years.
1.   What will be your monthly payment if you consolidate?
2.   How does that payment compare with what you are paying on the two loans individually? Does this result make sense to you? Why or why not?
3.   What will your total payments be over the life of the loan? How much of that is interest?
4.   What are the pros and cons of doing this consolidation?
Be sure to answer all parts of the question above. It is possible that you will not be successful at answering all parts of the question at this point, and that is okay. Describe what you were able to solve and what questions you have remaining.
It is important to follow the Discussion Problem InstructionsÂ
Answers
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Posted 22 Jan 2019 10:01 PM
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file 1548196744-MAT 101 Module 4 Discussion 1 Consolidating Student Loans.docx preview (632 words )
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