Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 $629 per month, and you have 36 months left on your loan. If you pay an additional $1,400 with your next regular $629 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.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started