Expanding on the comment that I made on the response from vivekkurien, declaring a function which, in turn, interpolates is probably the largest "bang for your buck" approach. I use this, frequently, for generating chunks of repetitive HTML with minor varying properties, for example.
The answer from vivekkurien, however, does not work. It returns a literal string, instead. Here is a modified sample, based on the original answer:
const pathFn = (param1, param2) => `path/${param1}/${param2}/data.xml`;
let param1 = "student";
let param2 = "contantdetails";
let resultPath = pathFn(param1, param2);
alert(resultPath);
A runnable example of the above code can be found here: Function-Based Interpolation at TypeScript Playground