You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is

7.5%,

your loan payments are

$693

per month, and you have

36

months left on your loan. If you pay an additional

$1,200

with your next regular

$693

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.)

Question content area bottom

Part 1

The new time left to pay off your loan will be

enter your response here

months.(Round to one decimal place.)

Part 2

Thus, you reduce the amount of time remaining on the loan by approximately

enter your response here

months.