Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please do it in 20 minutes will upvote You have some extra cash this month and you are considering putting it toward your car loan.

image text in transcribed

please do it in 20 minutes will upvote

You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 6.8%, your loan payments are $611 per month, and you have 36 months left on your loan. If you pay an additional $1,500 with your next regular $611 payment (due in one month), how much will it reduce the amount of time left to pay off your loan? (Note: Be careful not to round any intermediate steps less than 6 decimal places.) The new time left to pay off your loan will be months. (Round to one decimal place.) Thus, you reduce the amount of time remaining on the loan by approximately months. (Round to one decimal place.)

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

Analysis for Financial Management

Authors: Robert Higgins

11th edition

77861787, 978-0077861780

More Books

Students also viewed these Finance questions