Need help on how to best allocate money to pay down three loans I have $9,000 that I want to use to pay down some student loans. My goal is to minimize the overall interest incurred. For the sake of the exercise, let’s assume that I’m going to be paying the minimum monthly payment on each going forward. How do I best allocate the money?

Loan 1
Balance: $1,897.26
Periods: 120
Rate 7.9%
Payment $247.53

Loan 2
Balance: $5,441
Periods: 120
Rate 7.9%
Payment $172.62

Loan 3
Balance: $8,444.51
Periods: 120
Rate 6.8%
Payment $157.21

