Question: 5. Jake is considering changing to the extended repayment plan on his student loans. If he does this, the loans will take 20 years

5. Jake is considering changing to the "extended repayment" plan on his

5. Jake is considering changing to the "extended repayment" plan on his student loans. If he does this, the loans will take 20 years to pay off instead of 10. a. Calculate his new monthly payments for all of his student loans if the term changes to 20-years. b. How much lower will his total students loan payment be if he changes to the 20-year repayment plan? c. Is this something Jake should consider doing to help him achieve his other cash management goals? STUDENT LOANS Student Loan #1 Student Loan #2 Student Loan #3 Student Loan #4 Original Balance Interest Rate $12,000 5.96% 6.55% $8,500 $15,000 6.55% $2,500 5.96% Current Payment Total # of Date of First Balance Amount Payments Payment 120 11/1/2016 120 11/1/2016 120 120 $12,793 $8,500 $15,000 $3,307 $142 $97 $171 $37 11/1/2016 11/1/2016

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