Present Value

PV of Extra Payment

New Amount Due

Periods to Go

Reduction vs. Current

Please use excel and show formulas.

You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 7%, your loan payments are $600 per month, and you have 36 months left on your loan. If you pay an additional $1000 with your next regu- lar $600 payment (due in one month), how much will it reduce the amount of time left to pay off your loan