Resolution #6 - Pay off a Loan

This resolution I obviously can't go into great detail with for privacy reasons but basically we have 2 loans that are semi-close to being paid off:

• James' car (Mazda): Payment x 1.5 = 10 month payoff
• James' student loan: Payment x 4 = 10 month payoff

Both of these loans are close in balance remaining but the student loan's interest rate is half of the car loan so even though the student loan multiplier above looks ridiculous both payments to pay off in 10 months is the same amount. So basically I can pick whichever I think is best to pay off first.

I think I have decided to pay off the Mazda first because it has the higher interest rate and paying the minimum on the student loan will give me more money to pay on the Mazda loan. Then, in 10 months when I pay off the Mazda loan I will take that payment and add it to the student loan payment which will pay off that one pretty quick! Once I get both of these paid off I can put that money towards my student loans!! we wont even talk about how much is left on my loans!

Not that you have much info to go on but does anyone see a reason i should pay off the student loan instead of the Mazda loan first? If not, February is the first month of my MEGA payment as i like to call it. ha!