as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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better approach to close loans?
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it is typically best to pay minimum payments to 2 of the loans and pay aggressively on the third loan. some will tell you to pay the highest interest rate loan off first because "personal finance" is about "finance" and mathematically that saves you the most interest. some will tell you to pay the smallest balance loan off first because "personal finance" is "personal" and the psychological "win" of paying off a loan is more valuable than the small amount of interest difference between this strategy and paying off the loan with the highest interest rate first.
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