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Javier borrows $52,000 from a local bank at an APR of 9%, compounded monthly. His monthly payments amount to $52,000 (AIP, 0.75%, 58) = $1,

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Javier borrows $52,000 from a local bank at an APR of 9%, compounded monthly. His monthly payments amount to $52,000 (AIP, 0.75%, 58) = $1, 108.95 for a 58-month loan. If Javier makes an extra payment on the first month of each year, his repayment duration for the loan will be reduced by how many months

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