Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Joseph buys a Hummer for $ 65 comma 000$65,000, financing it with a five-year 6.76.7% APR loan paid monthly. He decides to pay an extra

Joseph buys a Hummer for

$ 65 comma 000$65,000,

financing it with a five-year

6.76.7%

APR loan paid monthly. He decides to pay an extra $50 per month in addition to his monthly payments. Approximately how long will he take to pay off the loan under these conditions?

A.

59.8459.84

months

B.

57.3457.34

months

C.

60.8460.84

months

D.

54.8454.84

months

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Campaign Finance Legislation In Congress

Authors: Joseph E. Cantor, R. Sam Garrett

1st Edition

1604566574, 9781604566574

More Books

Students also viewed these Finance questions

Question

please help

Answered: 1 week ago