You currently have two loans outstanding: a car loan and a student loan. The  car loan requires that you pay $322 per month, starting next month for 34 more months. Your student loan is requires that you pay $145 per month, starting next month for the next 46 months.   A debt consolidation company gives you the following offer: It will pay off the balances of your two loans today and then charge you $511 per month for the next 37 months, starting next month. If your investments earn 4.14% APR, compounded monthly, how much would you save or lose by taking the debt consolidation company’s offer? If you lose, state your answer with a negative sign (e.g., -25,126)

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A:

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A: The formula to calculate number of months is given below:

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Q: how much would you save or lose by taking the debt consolidation company’s offer?

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A: Here is the calculation for the above question.

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A:

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Q: You currently have two loans outstanding: a car loan and a student loan. The car loan requires that…

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Q: You receive a credit card application from Shady Banks Savings and Loan offering an introductory…

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A:

Q: You are given the opportunity to borrow $825 today and must repay $913 in 6 weeks. What is the…

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.