Answered step by step
Verified Expert Solution
Link Copied!

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 6.5 %6.5%, your loan

You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 6.5 %6.5%, your loan payments are $ 658$658 per month, and you have 3636 months left on your loan. If you pay an additional $ 1 comma 100$1,100 with your next regular $ 658$658 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

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

International Financial Management

Authors: Jeff Madura

3rd Edition

0314862722, 978-0314862723

More Books

Students also viewed these Finance questions

Question

Summarize your fi ndings in a report.

Answered: 1 week ago