Davadene has two student loans. one is for $8000 at an APR of 5% for 10 years; the second is for $15,000 at an interest rate of 6% for 12 years. Davadene is considering consolidating the loans and has found a bank that will loan her $23,000 for 8 years at an annual interest rate of 5.5%. If she is trying to pay off the loans and pay the least amount of interest, should Davadene take the consolidation option? Defend your answer.

Davadene has two student loans. one is for $8000 at an APR of 5% for 10 years; the second is for $15,000 at an interest rate of 6% for 12 years. Davadene is considering consolidating the loans and has...

Davadene has two student loans. one is for $8000 at an APR of 5% for 10 years; the second is for $15,000 at an interest rate of 6% for 12 years. Davadene is considering consolidating the loans and has found a bank that will loan her $23,000 for 8 years at an annual interest rate of 5.5%. If she is trying to pay off the loans and pay the least amount of interest, should Davadene take the consolidation option? Defend your answer.

Jun 08, 2022