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Assume you have just started a new job, have a car loan, and have a student loan. You have just received a cash gift of $1,000 from a relative, which of the following is the best use of this money
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Assume you have just started a new job, have a car loan, and have a student loan. You have just received a cash gift of $1,000 from a relative, which of the following is the best use of this money

User Thedanielhanke
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Since you will be receiving a steady flow of income with your job, you should use this $1000 to help pay off your car and student loans. The more you pay on these loans now, the less money you pay later for accrued interest. It's better to put in a lot of money now to get rid of the loans faster.
User Wloleo
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