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 7.2%, your loan payments

You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 7.2%, your loan payments are $606 per month, and you have 36months left on your loan. If you pay an additional $1,000 with your next regular $606 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.)

The new time left to pay off your loan wil be __________ months.(Round to one decimal place.)

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

Financial Management For Public, Health, And Not-for-Profit Organizations

Authors: Steven A. FinklerDaniel L. Smith, Thad D. Calabrese

6th Edition

978-1506396811, 150639681X

More Books

Students also viewed these Finance questions

Question

When is stress positive? Give examples.

Answered: 1 week ago

Question

LO2 Describe the human resource planning process.

Answered: 1 week ago