Given two (or more) loans of different balances and interest rates and a single amount of funds available per payment period, is there a way to calculate the best way to split the available funds to minimize the amount of money repaid?
I'm not really sure where to start to look into this type of question so if someone could point me in the right direction or provide an answer that would be great!
It is a matter of comparing interest rates. Whatever total payment you will make, use as little of it as allowed on the lower interest rate loan.