You are shopping for a new car and have a budgeted monthly payment of $200. You are being offered an APR interest rate of 4.00% on a 6-year loan. What is the maximum loan you can afford for your car?

Monthly Payment: $200.00

Interest Rate: 4.00%

Monthly Interest Rate: 0.33%

Number of Years: 6

Number of Months: 72

PV Function: ?

After making one year's worth of payments, you received a promotion at your job and can now afford to add an extra $50 a month to your monthly payment in hopes of paying off the car before the end of the 6-year loan. What is the remaining balance of the loan? What is your new monthly payment you will make? With these larger payments, how much time is left on the loan, using "NPER"?

Months Paid: 12

Remaining Number of Months: 60

Balance Remaining: ?

New Monthly Payment: ?

Months Remaining: ?

How many months of payments do you avoid by increasing the payment made after the first year?

Months of Payments Saved: ?